Cenovus goes big
Can the Deep Basin help Cenovus make a success of its ConocoPhillips deal?
Canada's Cenovus Energy is primarily known as the country's largest thermal oil sands players, operating some 360,000 barrels per day of steamed, tarry bitumen output in northeastern Alberta. But with its blockbuster C$17.7bn ($13.19bn) buyout of much of ConocoPhillips' Canadian business, the industry's biggest M&A deal since Shell bought BG, it has suddenly become the country's third-largest unconventional gas producer. In addition to the 50% stake in the Foster Creek Christina Lake (FCCL) oil sands project, Cenovus acquired nearly 3m acres of unconventional shale and tight gas acreage in a region known as the Deep Basin, which straddles the northern Alberta and British Columbia borders
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
