A conventional oil property
Our Weyburn operation is located in southern Saskatchewan. It’s one of the most abundant conventional oilfields in Canada, producing an average of almost 25,000 gross barrels of oil per day, more than 15,000 barrels per day net to Cenovus. Cenovus operates the Weyburn facility on behalf of our 23 partners — we have a 62 percent ownership. Our Weyburn project has been in operation since 1954 and is recognized as the world’s largest geological CO2 storage project.
We enhance oil recovery at Weyburn by injecting CO2 into the reservoir, where it acts like a solvent and helps push more oil towards a producing well. About 60 percent of the Weyburn field has now been injected with CO2. We expect this technique will extend the life of the field by 30 or 40 years, and could lead to an estimated 200 million barrels of incremental oil production.
We’ve safely injected more than 29 million tonnes1 of CO2 underground at Weyburn since 2000. This reduction in greenhouse gas emissions is equal to taking more than six million cars off the road for an entire year. We’ve been capturing and storing carbon at our Weyburn operation for more than 16 years.
1This number is calculated based on production as of December 31, 2016.