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.
Pursuing a long-term growth strategy, focused on oil
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. Foster Creek and Christina Lake are 50 percent owned by ConocoPhillips.
We also have a number of conventional oil properties. Two of our most significant are Pelican Lake and Weyburn. Our Pelican Lake operation is located in the Greater Pelican Region, about 300 kilometres north of Edmonton. It produces heavy oil from the mobile Wabiskaw formation. Our Weyburn oilfield is located in Saskatchewan and is one of the most prolific oilfields in Western Canada. It’s been in operation since 1954 and is recognized as the world’s largest geological CO2 storage project.
Cenovus also has ownership in two refineries in the U.S 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 long-term growth
Our low-cost natural gas operations, which we consider financial assets, provide strong cash flow to help fund our long-term 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.