Cenovus Energy

Cenovus Energy Inc. (pronounced se-nō-vus) is an integrated oil company headquartered in Calgary, Alberta.

Cenovus Energy Inc.
Public
Traded asTSX: CVE
NYSE: CVE
S&P/TSX 60 component
ISINCA15135U1093 
IndustryOil and Natural gas
Founded2009
Headquarters
Calgary, Alberta, Canada
Key people
Alex Pourbaix (CEO),
Patrick D. Daniel (Board Chair)
ProductsOil, Natural gas
Revenue$17.3 billion CAD (2017)[1]
Number of employees
~3,500 (2016)
Websitewww.cenovus.com

Cenovus was formed on December 1, 2009 when Encana Corporation split into two distinct companies,[2] with Cenovus becoming a focused integrated oil company. Some of Cenovus's assets formerly belonged to PanCanadian Energy Corp. and Alberta Energy Company (AEC), the two Canadian oil and gas companies that merged to form Encana in 2002.

In 2017, Cenovus purchased ConocoPhillips' 50% share of their FCCL oil sands projects and most of their Deep Basin conventional assets in Alberta and British Columbia, "doubling its production and reserves in Canada".[3][4][5]

Cenovus shares trade on the Toronto and New York stock exchanges under the symbol CVE.

Operations

Oil sands

Cenovus has two producing projects in the Alberta oil sands – Foster Creek and Christina Lake (Alberta). On May 17, 2017, Foster Creek and Christina Lake became 100 percent owned and operated by Cenovus.[5]

Conventional oil and gas

Cenovus once held conventional oil and natural gas operations across Alberta and Saskatchewan, including the Weyburn oilfield in Saskatchewan, which is the largest CO2 enhanced oil recovery operation in Canada. It's also the site of the largest geological greenhouse gas storage project in the world, with about 30 million tonnes of CO2 safely stored underground[6] and extensively studied by researchers as part of the International Energy Agency Greenhouse Gas Weyburn-Midale CO2 Monitoring and Storage Project.[7]

In May 2017, Cenovus assumed ownership of ConocoPhillips' Deep Basin assets in Alberta and British Columbia.[5] This liquids-rich acquisition includes more than 3 million net acres of land. Subsequently, the Company announced the sale of its Pelican Lake[8] and Suffield[9] properties (September 2017), its southeastern Alberta oil and natural gas operations (October 2017),[10] and its Weyburn property[11] (November 2017).

Refining

Cenovus has 50 percent ownership in two refineries in the United States: the Wood River Refinery (Illinois) and Borger, Texas refinery. Phillips 66 is the co-owner and operator.[12]

Natural gas processing

Part of the Deep Basin acquisition included natural-gas processing facilities, many of which are now majority owned and operated by Cenovus. The plants process produced natural gas to make it pipeline-ready.

Transportation

Cenovus owns a crude-by-rail loading facility near Edmonton, Alberta – the Bruderheim Energy Terminal. The company was recognized for its rail safety performance in 2016,[13] and for safe transportation of chemical products in 2017.[14]

Technology

The primary technology Cenovus uses at its Foster Creek and Christina Lake projects is called steam-assisted gravity drainage (SAGD). Cenovus also applies different associated technologies to enhance the SAGD process, such as electric submersible pumps at Foster Creek and solvent aided process (SAP) at Christina Lake.

In 2011, the company began applying its blowdown boiler technology to improve the efficiency of water use at its oil sands operations.[15] In 2013, Cenovus developed its SkyStrat™ drilling rig that allows an exploratory rig to be flown into remote areas by helicopter piece-by-piece, set up to drill a test well, dismantled and airlifted away. The process requires no roads, meaning little disturbance to the boreal forest.[16] The company received an Environmental Performance award for the SkyStrat™ program.[17]

Environment

Cenovus has been recognized for its efforts in environmental stewardship.[18] Cenovus is focusing on reducing its impact on wildlife habitats particularly to help protect declining woodland caribou.[19]

Cenovus is a member of Canada's Oil Sands Innovation Alliance (COSIA).[20]

Worker housing

Cenovus provides housing for staff and other contract workers, commonly known as "camps", who work at their Christina Lake and Foster Creek projects and other locations in northern Alberta.[21] A few of the bigger camps house up to 800 people when operations are at peak capacity. The camps employ housekeeping, kitchen, janitorial and technical support staff, as well as electricians and paramedics who work and live for a short time on-site as part of a shift rotation.

See also

References
  1. https://www.cenovus.com/invest/docs/2018/Q4-2017-Consolidated-Financial-Statements.pdf
  2. "EnCana proceeds with plan to split into two distinct and independent energy companies," Press Release, Encana, September 10, 2009.
  3. "Cenovus to buy ConocoPhillips' Canadian assets for a massive $17.7 billion". Financial Post. 29 March 2017. Retrieved 11 September 2017.
  4. "Cenovus to double production and reserves in Canada". Archived from the original on 2018-09-09. Retrieved 2017-05-18.
  5. "Cenovus completes acquisition of assets in Western Canada from ConocoPhillips". Archived from the original on 2018-12-06. Retrieved 2017-05-18.
  6. "Canada 150: From early oil wealth to global GHG reduction tech enabler, Saskatchewan's Weyburn-Midale oilfield just keeps giving", JWN, 28 June 2017, retrieved 31 August 2017
  7. Weyburn-Midale published by Petroleum Technology Research Centre
  8. "Cenovus selling Pelican Lake operations to Canadian Natural for $975M". CBC. 5 September 2017. Retrieved 11 September 2017.
  9. "Cenovus reaches agreement to sell Suffield assets for more than half a billion dollars". September 25, 2017. Archived from the original on December 16, 2017. Retrieved December 15, 2017.
  10. "Cenovus selling southeast Alberta assets to Torxen for $1.3 billion". Calgary Herald. 19 October 2017. Retrieved 19 October 2017.
  11. "Cenovus reaches agreement to sell interest in Weyburn asset for $940 million". November 13, 2017. Archived from the original on December 16, 2017. Retrieved December 15, 2017.
  12. Refining Marketing Archived 2012-11-02 at the Wayback Machine Phillips 66
  13. "Rail". Cenovus Energy. Retrieved December 15, 2017.
  14. "Union Pacific Spotlights Safe Chemical Transportation". Union Pacific Railroad. June 26, 2017. Retrieved December 15, 2017.
  15. Technologies lower in situ bitumen recovery costs
  16. "Flying drilling rig". Archived from the original on 2016-03-04. Retrieved 2015-09-10.
  17. "Celebrating industry initiative", Financial Post, 22 April 2013, retrieved 2 May 2016
  18. Cenovus recognized as a leader in corporate responsibility
  19. Caribou habitat restoration
  20. https://www.cosia.ca/about/members
  21. Oilsands camps weathering lower oil prices, report finds Archived July 3, 2015, at the Wayback Machine
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