Major construction activities at the project were ceased in April 2020 due to a drop in oil prices following the outbreak of the Covid-19 pandemic.
The project, which is approximately 65% complete, is expected to add 14 years of production life to the producing White Rose field.
The White Rose field has been in production since November 2005.
Cenovus president and CEO Alex Pourbaix said: “The joint venture owners have worked together to significantly de-risk this project over the past 16 months. As a result, we’re confident restarting West White Rose provides superior value for our shareholders, compared with the option of abandonment and decommissioning.
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“With the project about 65% complete, combined with the work done over the past 16 months to firm up cost estimates and rework the project plan, we are confident in our decision to restart this project in 2023.”
The West White Rose Project involves the deployment of a fixed drilling platform, which will be tied back to the existing SeaRose floating production, storage, and offloading (FPSO) vessel.
Cenovus plans to start production from the platform in the first half of 2026. It is expected to have a peak production of nearly 80,000 barrels per day by the end of 2029.
The West White Rose project forms part of the White Rose Expansion project, which also involves the development of two other satellite fields, namely the North Amethyst, and the South White Rose.
The development plan for all three satellite fields includes a subsea tie-back to the existing SeaRose FPSO vessel.
The West White Rose Project joint venture (JV) partner include Cenovus, Suncor, and Nalcor while the White Rose asset JV partners are Cenovus, and Suncor.