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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,883,308,813
Close 2026-01-22 C$ 25.41
Market Cap C$ 47,854,876,938
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Globe says CNRL, rivals hear Alberta has a bitumen plan

2026-01-23 08:38 ET - In the News

See In the News (C-CNQ) Canadian Natural Resources Ltd

The Globe and Mail reports in its Friday edition that Alberta is proceeding with its plan to sell bitumen directly to the market, allowing an agency to borrow nearly $1-billion to launch the program, though questions remain about its potential financial benefits for the province. The Globe's Emma Graney writes that the Bitumen Royalty-In-Kind (BRIK) program will be run by the province's commercial oil and gas agency, the Alberta Petroleum Marketing Commission. The APMC has a program for conventional crude oil where the province accepts royalty payments in kind. BRIK plans to apply this to bitumen from Alberta's oil sands. Premier Danielle Smith said in March that BRIK would give the province greater say in where it sells its oil, thereby maximizing Alberta's resource potential. Energy Minister Brian Jean this week authorized the APMC to borrow up to $900-million for the BRIK program. But Richard Masson, the former chief executive officer of the APMC, does not think that BRIK is the correct path for industry or Alberta. Cenovus Energy board chair Alex Pourbaix is not opposed to BRIK, but said it must be thoughtful and well-managed. He said It will be a "big challenge" for the APMC to gear up for the program.

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