Cenovus achieves landmark business milestone
July 11 2019 - 6:00AM
Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced today that on
July 10, 2019 the company reached one billion barrels of cumulative
production from its Foster Creek and Christina Lake oil sands
facilities in northern Alberta. Cenovus is the first company to
produce one billion barrels of oil using steam-assisted gravity
drainage (SAGD) technology.
Foster Creek began producing oil as a pilot under a predecessor
company in 1997 and in 2001 became the first commercial oil sands
project to use SAGD, while Christina Lake began producing oil in
2002.
“This incredible achievement for Cenovus represents over 20
years of hard work, perseverance and innovation by our staff
members, both past and present,” said Alex Pourbaix, Cenovus
President & Chief Executive Officer. “Thanks to their efforts,
we can proudly say today that we are an industry leader, that our
oil sands projects have made a significant contribution to the
Canadian economy, and that Cenovus’s oil is among the most
responsibly produced oil on the planet.”
Since construction on the facilities began, Foster Creek and
Christina Lake have created thousands of jobs and contributed over
$25 billion in capital spending to the Canadian economy. Since
Cenovus launched as an independent company nearly a decade ago, its
oil sands operations have generated about $3.2 billion in royalty
payments for the Government of Alberta. Over the last five years,
the company has established itself as an oil sands industry cost
leader, achieving a 70% reduction in sustaining capital costs and a
45% reduction in operating costs. And since 2004, Cenovus has
reduced its per-barrel greenhouse gas emissions by about one-third.
Today, the carbon emissions from the production of a barrel of
Cenovus’s oil are below the average barrel produced globally and
are among the lowest in the oil sands industry.
“One of the things that’s been very important to me from day one
is to develop these resources responsibly, finding the right
balance between generating economic value, protecting the
environment and contributing to social well-being,” said Harbir
Chhina, Cenovus Executive Vice-President & Chief Technology
Officer. “That’s always been a core part of our business
philosophy, and over the coming years, we’ll remain focused on
driving more efficiency in our business, strengthening our local
communities and continuing our demonstrated track record of
reducing our emissions intensity.”
Along with its operational success, Cenovus has also developed a
strong reputation for investing in communities. Since December
2009, the company has done more than $2.7 billion in business with
local Indigenous-owned companies. During that period, Cenovus has
also donated over $112 million to local community organizations
across its operating areas.
To commemorate its billion-barrel milestone, Cenovus is making
donations to select communities that have contributed to the
success of its Foster Creek and Christina Lake operations. For more
on Cenovus’s milestone, watch this video.
Cenovus Energy Inc.Cenovus Energy Inc. is a
Canadian integrated oil and natural gas company. It is committed to
maximizing value by responsibly developing its assets in a safe,
innovative and efficient way. Operations include oil sands projects
in northern Alberta, which use specialized methods to drill and
pump the oil to the surface, and established natural gas and oil
production in Alberta and British Columbia. The company also has
50% ownership in two U.S. refineries. Cenovus shares trade under
the symbol CVE and are listed on the Toronto and New York stock
exchanges. For more information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and
Instagram.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0bce3de6-e947-488b-abd1-a897e88b0c1b
https://www.globenewswire.com/NewsRoom/AttachmentNg/70720fb1-40de-4482-86cd-7c2f26c069ed
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