Canadian oil company, Cenovus Energy Inc. CVE recently disclosed its corporate social responsibility (“CSR”) for 2014. The report revealed the company’s long-term focus on developing technologies to address environmental concerns in the oil sands where it operates.
As part of its commitment to continuously improve, Cenovus collaborates with 12 other oil sands’ producers through Canada's Oil Sands Innovation Alliance (COSIA) to find environmental solutions in areas such as water, land and greenhouse gas (GHG) emissions.
Last year, Cenovus contributed a number of technologies developed by it to COSIA. This includes the SkyStrat drilling rig which reduces the environmental impact by allowing a drilling rig to be flown into a remote location one module at a time. This invariably reduces the need to build roads.
Another important contribution was the Linear Deactivation project (LiDea) which uses innovative techniques to regenerate forest growth along old seismic lines to protect and restore wildlife habitat.
Finally, the company provided the knowhow of Molten Carbonate Fuel Cell technology which explores ways to reduce the intensity of drilling oil production by capturing carbon while generating electricity.
As a result, last year, Cenovus Energy’s efforts led to over two million tons of carbon dioxide (CO2) stored safely at its enhanced oil recovery project in Weyburn, Saskatchewan. To date, the company has safely stored over 24 million tons of CO2.
Headquartered in Calgary, Alberta, Cenovus is an integrated oil company with ownership interest in two high-quality refineries in Illinois and Texas. Cenovus’ operations include increasing oil projects and growing natural gas and crude oil production in Alberta and Saskatchewan.
Cenovus enjoys the benefits of industry-leading oil sands’ assets that position it for long-term growth. We believe that the company will remain focused on enhancing its operational efficiency throughout 2015.
Currently, Cenovus carries a Zacks Rank #3 (Hold). Some better-ranked players from the sector are Transmontaigne Partners L.P. TLP, CNOOC Ltd. CEO and LRR Energy, L.P. LRE. All these stocks carry a Zacks Rank #1 (Strong Buy).
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