Cenovus attains milestone of producing 1BN barrels of oil sands
Date: 2019-07-13   Author: Sunil Hebbalkar  Category: #news

Cenovus attains milestone of producing 1BN barrels of oil sands

Cenovus Energy Inc. has reportedly reached a cumulative production volume of one billion barrels from its Christina Lake and Foster Creek oil sands facilities located in Northern Alberta.

If reports are to be believed, Cenovus is the first company to yield one billion barrels of oil through steam-assisted gravity drainage (SAGD) technology. Foster Creek commenced oil production in 1997 as a pilot under a predecessor firm and in 2001, the company was the first commercial oil sands project to utilize SAGD. Christina Lake began manufacturing oil in 2002.

Alex Pourbaix, President & Chief Executive Officer of Cenovus, said in a statement that this incredible milestone represents more than 20 years of hard work, persistence, and innovation by former and present staff members. Owing to their efforts, the company can proudly state that it is an industry leader, its oil sands projects have made a substantial contribution to the Canadian economy and that Cenovus’s oil is one of the most responsibly produced oil on earth, Pourbaix added.

Since construction on the facilities were initiated, the two facilities have generated thousands of jobs and contributed more than $25 billion in capital spending to the Canadian economy, reported sources.

Since Cenovus’ launch as an independent company, its oil sands operations have garnered royalty payments for the Government of Alberta worth almost $3.2 billion. In the last five years, the company has attained the status of being an oil sands industry cost leader, by accomplishing a 70% deduction in sustaining capital costs and a 45% drop in operating costs.

Moreover, since 2004, the company has reportedly lowered its per-barrel GHG emissions by almost one-third. Currently, the production of one barrel of Cenovus’ oil accounts for carbon emissions lower than the average barrel produced globally and is the lowest in the oil sands industry, cited credible sources.


Source credits:
https://www.cenovus.com/news/news-releases/2019/07-11-2019-Cenovus-achieves-landmark-business-milestone.pdf



About Author


Sunil Hebbalkar

Sunil Hebbalkar

Sunil currently works as an content writer at AlgosOnline. A Post graduate mechanical design engineer by qualification, he worked as an intern at the defense lab for one year in the engine design and development department before switching his professional genre. Foll...

Read More

More from Sunil


Post Recommendents

Endoscopy Market Report Regional Trends, Revenue & Forecast To 2024
Author: Rahul Varpe

Based on the research, the size of the overall Endoscopy Market was recorded at USD 26 billion in the year 2017 and is now projected to surpass around USD 40 billion by 2024.

The Endoscopy Market report has been evaluated in terms o...


Dermatology Devices Market is set to record 11.9% CAGR during forecast time
Author: Rahul Varpe

The size of the Dermatology Devices Market was accrued at USD 9 billion in 2018 and is presumed to accumulate over USD 20 billion by the year 2025. According to research, the Dermatology Devices Market is expected to grow with a CAGR of 11.9% duri...


By 2025, Biosensors Market is Expected to Record 31.5 Billion Doller Revenue
Author: Rahul Varpe

The Biosensors Market size was estimated at USD 18.6 billion in 2018 and is projected to surpass USD 31.5 billion by the year 2025.


During the period of 2019-2025, the Biosensors Market is anticipated to expand with a CAGR of 8%....