Dec 12 (Reuters) - Canada's Cenovus Energy (CVE.TO) , opens new tab on Thursday forecast higher oil and gas production for 2025, expecting to benefit from new projects coming online.

The company forecast upstream production between 805,000 and 845,000 barrels of oil equivalent per day (boepd) for 2025, with the midpoint higher than analysts' estimates of 820,140 boepd, according to data compiled by LSEG.

The company expects 770,000 boepd to 810,000 boepd for this year.

With growing power demand from operations including data centers and manufacturing, the U.S. Energy Information Administration (EIA) has projected power demand will rise in 2025 in the U.S., potentially helping gas producers such as Cenovus.

"Cenovus will deliver important milestones on our major growth projects in 2025, including achieving first oil from Narrows Lake, installation of the West White Rose offshore facilities and commencement of drilling, and preparations for first steam at the Foster Creek optimization project," said CEO Jon McKenzie.

Narrows Lake is an oil sands site in Alberta expected to have production of 130,000 barrels per day (bpd). The company is also investing in the Foster Creek optimization project to expand its oil sands production.

The Canadian firm forecast downstream throughput for 2025 between 650,000 and 685,000 barrels per day (bpd), compared with 630,000 bpd to 670,000 bpd expected this year, with refinery utilization of 90% to 95%.

The company expects oil sands production to be lower in the second quarter of 2025, reflecting turnaround and maintenance activity, and sees it ramping up in the second half of 2025.

It expects expenses of between C$4.6 billion ($3.25 billion) and C$5 billion for 2025, compared with the estimated spending of C$4.5 billion to C$5 billion in 2024.

($1 = 1.4141 Canadian dollars)

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https://www.reuters.com/business/energy/cenovus-energy-forecasts-higher-production-2025-2024-12-12/