Cenovus is nearing the end of construction on the gravity-based structure for the West White Rose project.

The company held a celebration in Argentia on Tuesday, with CEO Jon McKenzie heralding it as a “significant milestone” not just for the project, but for the province as a whole.

McKenzie says the conclusion of the project has been a decade in the making.

In the coming months, he says they will be floating the gravity base structure out from Argentia, and it will be placed in the Jeanne d’Arc basin with first oil anticipated in 2026.

McKenzie says Cenovus currently has about 400 people employed in the province, and this milestone will increase that by “a couple hundred more people.”

He says it represents a significant employment opportunity, but also a significant revenue opportunity for the province.

He says they have extended the life of the White Rose Field, which will mean increased production and thus more taxes and royalties for the province.