With this most recent downturn in oil prices, I have been reflecting on the term responsible development and what it means to me as the CEO of Cenovus.
Whether oil is $50 a barrel or $100 a barrel, it is my obligation to ensure Cenovus is developing Canada’s oil resources in the best and most responsible way we can. It’s an obligation I take very seriously.
To me, responsible development has always meant never accepting the status quo, or thinking that our current performance is 'good enough.'
In the last few years, it has also come to mean collaboration with our peers – on technology solutions that will further reduce our water use, our energy use and our overall footprint, so that we get better… faster.
But we are now thinking about responsible development in an even broader way. Canadians are concerned about their use of oil. And about climate change. They are telling us that they want the industry to think beyond just our development practices. They believe we have a responsibility to help create a path towards a lower carbon future.
I agree. Cenovus shares the public’s concern that climate change is one of the greatest global challenges of our times. Our product is part of the problem. We will be part of the solution.
Access to abundant, affordable, reliable energy is a basic building block for our society. With global demand for energy growing, we’ll need all sources of energy to meet it – fossil fuels, nuclear and renewables. Oil still makes up 92 percent of the world’s transportation fuel and there isn’t a readily available alternative. The issue is that the impacts of people’s use of our product is one of the biggest sources of greenhouse gas emissions.
That’s why, as an industry, and as a country, we need to address carbon emissions along the entire value chain – from how we produce oil to how we all use oil. Technology advancements will be key. As will extensive collaboration within our industry and with other industries… in Canada and in other countries.
The natural resources we have in this country are important to Alberta, to Canada, and to the world. The oil sands are a great part of that. I believe we can strike a balance between environmental performance, economic prosperity and social well-being.
I’m proud of the improvements we’ve made in our operations over the years. In this report, you’ll find details about the progress we’ve achieved in 2014 in all aspects of corporate responsibility. You will see how we’ve put a stronger long-term focus on technologies which we expect will address environmental concerns from our activities as a producer. You will also see how we’ve increased our involvement in industry groups, such as Canada’s Oil Sands Innovation Alliance, to accelerate the pace of environmental improvement in the oil sands. We have also included areas where we can improve, and where we need to push ourselves to be better.
Have we made good progress? Yes, but there is still more to do. Going forward Cenovus will maintain our commitment to improvements in our operations. We will intensify our efforts to help drive a plan for a lower carbon future. And we will continue to collaborate with our peers and those outside our industry on solutions to environmental challenges. Together, we can make a difference.
President & Chief Executive Officer
|BOE/d||barrel of oil equivalent per day|
|CO2E||carbon dioxide equivalent|
|m³OE||cubic metres of oil equivalent|
|mg/L||milligrams per litre|
|MMcf/d||million cubic feet per day|
|SOR||steam to oil ratio|