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Cenovus Energy Inc. (pronounced se-nō-vus) is an
integrated oil company headquartered in Calgary, Alberta.Cenovus was formed on December 1, 2009 when Encana
Corporation split into two distinct companies: one an integrated oil company
(Cenovus), the other a pure play natural gas company (Encana). The split
left Cenovus with the assets formerly belonging to PanCanadian Energy Corp. and
Alberta Energy Company (AEC), the two Canadian oil and gas companies that
merged to form Encana in 2002.
Operations
Cenovus currently has two producing projects in the
Alberta oil sands – Foster Creek and Christina Lake – as well as several
emerging projects which are in various stages of development. Foster Creek and
Christina Lake are 50 percent owned by ConocoPhillips. Cenovus also produces
heavy oil from the mobile Wabasca formation at its 100 percent-owned Pelican
Lake operation in the Greater Pelican Region, about 300 kilometres north of
Edmonton. Another key oil project is the Weyburn oilfield in Saskatchewan. It is
one of the most prolific oilfields in Western Canada and has been in operation
since 1954. The Weyburn project is also Canada’s largest CO2 enhanced oil
recovery operation as well as the site of the largest geological greenhouse gas
storage project in the world – the International Energy Agency Greenhouse Gas
Weyburn-Midale CO2 Monitoring and Storage Project. This independent research
initiative is managed by the Petroleum Technology Research Centre in Regina,
which studies carbon capture and storage in an oil reservoir.
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