Conventional oil and natural gas
Our conventional oil and natural gas fields are located across Alberta and southern Saskatchewan, where we have a rich operating history that dates back more than 60 years. These fields include our Weyburn CO2 enhanced oil recovery project in Saskatchewan and our targeted conventional drilling program on the Palliser Block in southern Alberta, where we have a large inventory of attractive short-cycle tight oil opportunities.
We are currently marketing our conventional oil and natural gas fields for sale as we continue to optimize our portfolio.
Conventional oil is different from oil located in the oil sands because it’s generally deeper and is a lighter grade of oil. We don’t use steam-assisted gravity drainage (SAGD) technology to access the oil in our conventional assets like we do at our oil sands projects. Instead we drill horizontal wells to access the shallow oil formations and use specialized oil recovery methods to increase the amount of oil we get out of the ground. In 2016, we produced more than 56,000 barrels of oil per day from our conventional oil properties.
Conventional natural gas is also typically located closer to the surface, so we can use traditional drilling and production methods to access the natural gas in these fields. In 2016, we produced almost 400 million cubic feet per day of natural gas — that’s enough natural gas to heat more than 1.5 million average-sized single detached homes in Canada for an entire year.1
1 - http://www.nrcan.gc.ca/energy/natural-gas/5641#home (A rough approximation is that 100 GJs of energy – or 2,700 cubic meters or 94,800 cubic feet of natural gas – is required to heat a new average-sized single detached home in Canada for one year)