Cenovus Energy

Title: Cenovus Energy
Category: Energy
Clicks: 5
Added on: Nov 26, 2011
Headquartered in Calgary, Cenovus Energy is an oil company, which was formed in 2009, when EnCana Corporation split into two entities – EnCana, which is a natural gas company, and Cenovus, which is an integrated oil company. After the split, Cenovus acquired assets, which formerly belonged to AEC and PanCanadian Energy Corp., as well as interest in two high-quality refineries. These are Borger in Texas and Wood River near St. Louis.

The company is listed on NYSE and the Toronto Stock Exchange under the symbol CVE. Its main competitors are Shell Canada Limited, Husky Energy Inc., and others. Cenovus Energy has two main oil sands projects, Christina Lake and Foster Creek, which are located in the northeastern part of Alberta. The oil at Christina Lake and Foster Lake is found at about 350-450 metres below the surface, requiring specialized technology to pump it to the surface. Steam-assisted gravity energy technology is the main method used for these projects, with steam being injected to the reservoir, softening the oil to pump it to the surface.

The company also produces heavy oil at the Pelican Lake operation, which is located north of Edmonton. The Pelican Lake operation is 100 percent-owned, and water and polymer flooding techniques are used to create wells. The Weyburn oilfield is another major oil project in Saskatchewan and among the most prolific oilfields on the territory of Western Canada. The oil recovery method used here is CO2 injection, aiming to increase oil production. This technique is expected to extend the life of the operation by thirty years. In addition, Cenovus Energy has natural gas wells found in the Langevin, Brooks, and Suffield areas.

Technology pays a major role in the company’s operations, specifically in extracting natural gas and oil resources, improving the way of extracting natural resources, and increasing the amount recovered. The main objective in this regard is to implement innovative technologies which will reduce the amount of energy, water, and land used. Due to integration, the company takes pride in having a low risk profile. Its natural oil sands production and gas fuels can be refined and turned into a variety of products, including diesel, gasoline, and other petroleum products.
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