And then I guess the other one would be just natural gas prices coming off, which enables more processing in complex refineries and better value from processing heavy barrels. So all those things are constructive to an improving differential, and we’re starting to see that and expect that to continue through 2023. TMX coming on, on the back end of 2023 is obviously going to be another help for narrowing that differential. We’re really encouraged with seeing that pipeline come up. We’re a large shipper on the pipeline. So really looking forward to getting barrels into a new market and actually being able to access the world with those barrels. So pretty exciting times.
Operator: We’ll go next to Menno Hulshof with TD Securities.
Menno Hulshof: I’ll follow up with a question to Dennis is on the 5-year plan for thermal growth and Sunrise optimization and the Narrows Lake tieback in particular. I’m just looking at the slide deck. It looks like they will add 35,000 to 50,000 barrels per day over the next, call it, 2, 2.5 years. But what key deliverables should we be looking for over the next year? And what would you need to see to get to the top end of that range at 50,000 barrels a day?
Norrie Ramsay: It’s Norrie Ramsay here. I mean, we’ve laid out our plan to grow notionally 3%, 5% per year. We have — we’re seeing great success actually, as we move our pipeline at Christina Lake up to the Narrows Lake area. And our plan is in place to actually start drilling up in the Narrows Lake area within the next 12 months. In optimization at Sunrise, we’ve seen actually great success in applying our historical Cenovus methodologies at the site. We’re pleased actually to have 100% of the equity, which allows us a lot more flexibility. We have 4 pads, for example, drilling just now. So this is setting us up to fill the process plant over the next 18 months or so. And along with that, as we apply our Cenovus subsurface methodologies, examples are things like we’ve just drilled 2 wells that are 1,600 meters in the reservoir rather than, historically, they’ve only been able to maximize 800.
So that really cuts the cost to give us bigger wells and more flexibility. So it’s a very steady build plan. We have a lot of flexibility as we kind of go forward. And as you say, Christina Lake is going to grow. We’re also going to grow at Foster Creek just through our increased number of pads that we have, and Sunrise is there. Just completed Lloyd Thermal, again, we’ve been applying our subsurface methodologies, looking to tie back greater distances than originally they had planned. So again, steady growth across the whole portfolio.
Alexander Pourbaix: Menno, it’s Alex. And just from kind of the way — kind of where you went with the question, I just maybe wanted to make one thing clear, like that extension into Narrows Lake, nobody should think of that as kind of a high risk, high capital sort of phase expansion of the oil sands. This is Norrie’s guys, they’ve already built — the road has been built in there. They’re building the pipelines. The pad work is something we’ve done, obviously, dozens, if not hundreds of times. So I — we just see this as a relatively low-risk kind of natural extension of Christina Lake. So just want to sort of make sure people aren’t thinking of this as some new or relatively high-risk capital project that we’ve embarked on.
