Deep Basin

Conventional oil and natural gas

The Deep Basin, a liquids-rich natural gas fairway located along the eastern slopes of the Rocky Mountains in northwestern Alberta and northeastern British Columbia, is one of two core production areas for Cenovus. Our Deep Basin assets include more than three million net acres of land on which we’ve already identified about 1,500 drilling locations and opportunities with high-return potential. We believe these assets have significant potential to create value for Cenovus by providing short-cycle drilling opportunities that complement our longer-term oil sands investments.

Our Deep Basin assets currently produce about 120,000 barrels of oil equivalent a day and they include a substantial base of natural gas processing facilities. To date, we’ve achieved very strong drilling efficiencies with our Deep Basin program, and initial well results have met or exceeded our expectations. We plan to drill 15 net wells in the Deep Basin in 2018.

We are currently marketing a package of non-core properties in the East Clearwater area of the Deep Basin. We will continue to assess ways to enhance our position in core areas of the Deep Basin.