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Deep Basin

Deep Basin

The Deep Basin, a liquids-rich natural gas fairway located along the eastern slopes of the Rocky Mountains in northwestern Alberta and northeastern British Columbia, is one of two core production areas for Cenovus. Our Deep Basin assets include approximately 2.8 million net acres of land, and we are focused on a disciplined, moderate pace of development, pursuing opportunities with high-return potential.

Our Deep Basin assets produced approximately 120,000 barrels of oil equivalent a day in 2018 and include a substantial base of natural gas processing facilities. We recently completed work to optimize the Deep Basin operating model to reduce costs, improve efficiency and maximize value.

In 2020, we plan to spend $80 million to $95 million on our Deep Basin assets. Our capital program is expected to focus on maintaining safe and reliable operations and the execution of a two-rig drilling program targeting potentially high-return, liquids-rich opportunities in the Clearwater and Edson areas.