“These are long-life assets located in an area where Cenovus already has a deep operating experience and strong understanding of the resource,” McKenzie said on a conference call with analysts. “They also represent one of the only remaining large-scale opportunities to add meaningful thermal reserves, resource and future development inventory within the core of the oil sands.” Among Cenovus’ growth plans is accelerating production from Athabasca’s Corner project northwest of Christina Lake by consolidating two planned expansion phases. Doing so would let Corner’s output grow to 40,000 boe/d by 2032, 3 years faster than today’s forecast. Also in the cards are efficiency projects at Athabasca’s Leismer assets that would grow production by half to about 60,000 boe/d by 2032. Michael Berger, a senior analyst at Enverus Intelligence Research, said buying Athabasca “refills Cenovus’ growth pipeline” as it relates to future production growth. The deal, he added, also “represents an escalation in oil sands deal valuations” that reflects the energy sector’s changing global dynamics. “The higher price paid by Cenovus compared to historical deals reflects a rerating of Canadian oil sands producers higher as the industry’s critical position in providing long-term oil resource in a resource-constrained world grows sharper,” Berger wrote in a commentary analyzing the acquisition plan. “While U.S. plays offer up to a decade of core inventory, the oil sands hold multiple decades. Additionally, scarcity always demands a premium and logical large-scale oil sands acquisition targets have been significantly drawn down.” The planned transaction is expected to be roughly 70% funded by cash and 30% by Cenovus shares and should close by the end of this year. It also will consolidate ownership of Duvernay Energy Corp., an oil-weighted joint venture the two companies created nearly 3 years ago that today operates more than 170 locations on roughly 90,000 net

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WASHINGTON—The U.S. Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) today announced a conditional loan commitment of up to $4.2 billion to finance nuclear uprates and modernization across Vistra’s nuclear fleet in Pennsylvania and Ohio. Today’s announcement will deliver more reliable American energy, strengthen the grid, lower costs, and meet growing power demand across the 13-state PJM Interconnection, L.L.C. (PJM) region. The investment advances President Trump’s Executive Order Reinvigorating the Nuclear Industrial Base, and marks another major step in restoring American nuclear leadership. “President Trump promised to unleash an American nuclear renaissance, and the Energy Department is delivering,” said U.S. Secretary of Energy Chris Wright. “By getting more power out of the nuclear plants we already have, we can deliver more affordable, reliable, around the-clock energy for American families and businesses.” The projects will preserve nearly 4 gigawatts (GW) of reliable baseload power—enough to power more than 3 million homes—and add 433 megawatts (MW) of new nuclear capacity, helping meet growing electricity demand in Pennsylvania, Ohio, and across the PJM region. The investments will support approximately 3,000 project-related jobs in engineering, construction, and planned outage work while preserving thousands of permanent, well-paying jobs. “President Trump and Secretary Wright have set a clear direction for America’s nuclear future, and EDF is financing the projects that advance that mission,” said EDF Director Gregory A. Beard. “These investments will extend the life of existing reactors, increase nuclear generation, and deliver abundant, around-the-clock power to lower costs and power American prosperity for decades to come.” Vistra’s planned investments at Beaver Valley in Pennsylvania and Davis-Besse and Perry in Ohio will produce more electricity from existing nuclear plants without requiring new transmission corridors or equivalent new generation resources, while supporting the plants’ operation for an additional 20 years beyond their existing licenses. EDF’s

WASHINGTON—The U.S. Department of Energy today announced its intent to deploy Defense Production Act (DPA) funding to develop a second high-voltage connection between Southcentral and Interior Alaska, strengthening grid infrastructure essential to national defense. The Alaska Energy Authority’s Beluga-Healy Transmission Project combines up to $150 million in DPA funding with $268 million in non-federal funding, representing a planned total investment of $418 million in Alaska’s grid.  Approximately 223 miles of new transmission line connecting Beluga and Healy will be built. Once complete, grid operators will have an additional pathway to move power between Alaska’s most densely populated communities and major military installations–lowering electricity costs and strengthening grid reliability for approximately 75% of Alaska’s population. Thanks to President Trump and the passage of the Working Families Tax Cut, $1 billion in federal funding has been appropriated for energy-related projects deemed critical to national security. Presidential Determination No. 2026-10 identifies transmission lines and conductors, substations, and power-control and protection equipment as essential to national defense. “Supporting improvements to Alaska’s transmission infrastructure with Defense Production Act funds reflects the Trump Administration’s commitment to strengthening national security, improving grid reliability, and lowering electricity costs,” U.S. Secretary of Energy Chris Wright said. “Thanks to Senator Sullivan, I received an extensive briefing from the Alaska Energy Authority during my recent visit to Anchorage in August. This meeting, combined with briefings from Alaska Command, confirmed the need to support an expansion of Alaska’s energy infrastructure. This project will not only support the major U.S. military expansion currently underway in Alaska, but also mining and other resource development critical to our national security.” “Alaska’s weather is unforgiving, and its grid needs another way to keep power moving,” said Office of Electricity Assistant Secretary Katie Jereza. “Beluga-Healy will provide that critical second route, helping protect communities from disruptions and

Petroleo Brasileiro SA (Petrobras) made a new discovery in block FZA-M-59 on the Brazilian Equatorial Margin, about 175 km off the coast of Amapá, in the Foz do Amazonas basin. The Morpho well (1-BRSA-1405-APS), drilled in 2,886 m of water off the coast of the state of Amapá, has reached another oil-bearing interval, the operator said on Oct. 2. Following announcement of the deepwater discovery in August, ongoing drilling of the well aimed to evaluate deeper exploratory intervals of the discovery, which was identified through electrical profiles, rock indications, and fluid samples obtained during the operations. Petrobras said the new discovery expands knowledge about the exploratory potential of the area and will provide additional information for the evaluation of the petroleum systems and resource potential of the Foz do Amazonas Sedimentary basin. With analyses still ongoing, information collected will later be characterized through laboratory analysis and integrated into the set of data acquired during drilling. Analysis already carried out, however, confirms good oil quality, according to the operator. Petrobras said it will conclude drilling activities of the well and continue the evaluation of the identified formations. Block FZA-M-59 is part of the company’s strategy to replenish oil and gas reserves through exploration in frontier areas. Petrobras is operator of the block and holds a 100% stake in the area.

The US Bureau of Land Management’s (BLM) California field office Oct. 1 announced a Dec. 1 oil and gas lease sale covering 43 parcels and about 35,000 acres in California, advancing President Trump’s plan to restart federal leasing in the state after years of litigation and environmental review. While about 97% of the acreage offered lies in Kern County, BLM also plans to auction smaller, isolated parcels in Kings, Fresno, and San Luis Obispo counties. More than 95% of federal drilling operations in California currently take place in established fields in the Kern County area of the San Joaquin Valley, according to BLM. More than half of the proposed lease acreage involves a split estate, in which the federal government owns the underlying oil and gas minerals while a private party owns the surface land. The announcement opens a 30-day public protest period that will close Nov. 2. BLM completed initial scoping for the parcels in July and concluded a public comment period on the lease plan and environmental assessment in September. California Atty. Gen. Rob Bonta criticized BLM’s environmental analysis, released in August, saying the review relies on earlier planning documents and fails to adequately account for California’s restrictions on drilling near homes and schools and its phaseout of hydraulic fracturing.