Cenovus Energy Inc. (pronounced se-n? -vus) is an integrated oil company headquartered in Calgary, Alberta.
Cenovus was formed on December 1, 2009 when Encana Corporation split into two different companies, with Cenovus becoming a focused integrated oil company. Some of Cenovus's previous assets belonged to PanCanadian Energy Corp. and Alberta Energy Company (AEC), two Canadian oil and gas companies that merged to form Encana in 2002.
In March 2017, Cenovus reached an agreement to buy 50% of ConocoPhillips shares from their FCCL oil sands project, as well as most of their Deep Basin conventional assets in Alberta and British Columbia. The deal closed on May 17, 2017.
In June 2017, CEO Brian Ferguson announced his intention to retire. He was replaced on 6 November 2017 by Alex Pourbaix.
Cenovus is known as the developer responsible for Canadian oil sands, with an emphasis on innovation, safety, and environmental management. The company's business strategy focuses on value creation through developing its oil sand assets, achieving predictable, reliable performance and maintaining financial resilience. Cenovus shares trading on the Toronto and New York stock exchanges under the CVE symbol.
Video Cenovus Energy
Operation
Oil sand
Cenovus has two production projects in 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.
Conventional oil and gas
Cenovus has held conventional oil and natural gas operations in Alberta and Saskatchewan, including the Weyburn field in Saskatchewan, which is Canada's largest refined oil recovery operation. It is also the location of the largest geological greenhouse gas storage project in the world, with approximately 30 million tons of CO2 safely stored underground and studied extensively by researchers as part of the International Energy Agency's Center for Earth, Natural Gas, Weyburn-Midale, CO2 Monitoring and Storage Project.
In May 2017, Cenovus assumed ownership of ConocoPhillips Deep Basin assets in Alberta and British Columbia. This liquid-rich acquisition covers more than 3 million hectares of land. Subsequently, the Company announced property sales of Pelican Lake and Suffield (September 2017), southern Alberta oil and natural gas operations (October 2017), and Weyburn property (November 2017).
Refine
Cenovus owns 50 percent ownership in two refineries in the United States: Wood River Refinery (Illinois) and Borger, a Texas refinery. Phillips 66 is a co-owner and operator.
Natural gas processing
Part of the Deep Basin acquisition includes natural gas processing facilities, many of which are now majority owned and operated by Cenovus. The plant process produces natural gas to make the pipe ready.
Transportation
Cenovus has a crude-by-rail loading facility near Edmonton, Alberta - Bruderheim Energy Terminal. The company is recognized for rail safety performance in 2016, and for safe transportation of chemical products by 2017.
Maps Cenovus Energy
Technology
The main technology used by Cenovus in the Foster Creek and Christina Lake projects is called steam-assisted gravity drainage (SAGD). Cenovus also applies different related technologies to improve the SAGD process, such as the submersible electric pump at Foster Creek and the solvent process (SAP) at Christina Lake.
In 2011, the company began applying boiler blowdown technology to improve water use efficiency in its oil sand operations. In 2013, Cenovus developed a SkyStrat (TM) drill rig allowing exploration rigs to be flown to remote areas by helicopter piece by piece, prepared to drill tests well, disassembled and flown. This process does not require a road, which means little disruption to the boreal forest. The Company received an Environmental Performance award for the SkyStrat (TM) program.
Environment
Cenovus has been recognized for his efforts in environmental stewardship. The Company continues to work to improve its environmental performance for air, land and water. Cenovus focuses on reducing its impact on wildlife habitats primarily to help protect declining forests.
Cenovus is a member of the Canadian Oil Sands Innovation Alliance (COSIA).
Security
Employees, suppliers, contractors and consultants are required to understand and work based on company policies and practices. There is a strong emphasis on the importance of safe driving. Cenovus is a workplace free of alcohol and drugs.
Community investment
Cenovus is an Imagine Canada Caring company. This means the company gives one per cent of its pre-tax profit to charitable or non-profit organizations. Since 2009, the company has also invested $ 1.8 billion in goods and services provided by Aboriginal businesses near its operations.
Housing workers
Cenovus provides housing for staff and other contract workers, commonly known as "camps", who work on the Christina Lake project and their Foster Creek and other locations in northern Alberta. Some large camps accommodate up to 800 people when operations are at peak capacity. The camps employ household staff, kitchen, cleanliness and technical support, as well as electric and paramedical experts who work and stay for a short time in place as part of a shift rotation.
See also
- Ax Lake Aerodrome
References
External links
- Cenovus Energy Official Website
- Canadian Oil Flow Alliance Alliance
Source of the article : Wikipedia
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