Alberta Approves Cenovus Plan for Oil-Sands Project

CALGARY, Alberta—Canadian oil producer Cenovus Energy Inc. said Friday it has received final regulatory approval for a new oil-sands project in northern Alberta expected to have an initial capacity of 90,000 barrels a day, nearly half of the company’s average daily production last year.

The decision by Alberta’s cabinet allows the company to move ahead with its fifth major oil-sands project, dubbed Telephone Lake, and follows another…

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