Technology and innovation are more critical to our success than ever before. Over the past few years, low oil and gas prices have persisted, and the world has increasingly turned its attention to climate change and reducing carbon emissions. We’ve responded to this shift by significantly reducing our cost structure and by addressing climate change issues head on in our business. But we know that more needs to be done. We believe we need to keep driving innovation and technology development to ensure that we’re globally competitive on cost and on carbon, while working to reduce other environmental impacts associated with our industry.
To achieve this, we’ve been moving towards a new model of innovation. We’re developing our own technologies as well as collaborating with peers, academics, other industries and entrepreneurs from around the world to find innovative solutions to the oil industry’s environmental and economic challenges. We are taking a strategic approach, focusing on technology projects that have the greatest chance of addressing cost and environmental challenges that we face in our operations. At Cenovus, we believe oil can be part of a clean energy future. That’s why we’re working to find both incremental and game-changing solutions to the challenge of CO2 emissions associated both with oil production and oil consumption. We believe that being a low-carbon producer goes hand-in-hand with being a low-cost producer.