Committed to smart resource development
We take our commitment to smart resource development seriously. Our manufacturing approach to developing oil sands resources allows us to improve efficiencies and reduce costs while maintaining our commitment to safe operations and environmental progress. It’s this approach, combined with the exceptional quality of our oil sands reservoirs, that helps make Cenovus an industry leader.
Oil is our growth driver
We currently have two producing steam-assisted gravity drainage (SAGD) projects in the oil sands – Foster Creek and Christina Lake – as well as several emerging projects, which are in various stages of development, and will play a significant part in our growth plan. Foster Creek and Christina Lake are 50 percent owned by ConocoPhillips. We also produce heavy oil from the mobile Wabiskaw formation at our 100 percent-owned Pelican Lake operation in the Greater Pelican Region, about 300 kilometres north of Edmonton. While the bulk of our future growth is anticipated to be in the oil sands, we also expect significant near-term growth in conventional oil production. Our tight oil plays in Shaunavon and Bakken are early stage opportunities that we’ve been actively developing. Another key oil project is the Weyburn oilfield in Saskatchewan. It is one of the most prolific oilfields in Western Canada and has been in operation since 1954.
Cenovus also has ownership in two refineries in the United States as part of a business venture with Phillips 66. Cenovus has a 50 percent interest in their Wood River (Illinois) and Borger (Texas) refineries which Phillips 66 operates.
Funding our growth
Our low-cost natural gas operations, which we consider financial assets, provide strong cash flow to help fund our oil growth, and offset the cost of the natural gas we consume within our oil sands and refining operations. Our people have decades of experience working on these assets, which are essential to the success of our company.