The company’s Canadian operations are comprised primarily of oil sands assets in the Athabasca region of northeastern Alberta and unconventional development in western Canada.
Current investment programs are focused on the operated Surmont oil sands facility and the liquids-rich Blueberry-Montney unconventional play in western Canada. The company completed the sale of the majority of its western Canada assets and its interest in the Foster Creek Christina Lake (FCCL) Partnership in May 2017. The business has a long-term strategic plan to develop its captured resource base, which includes bitumen, natural gas liquids, crude oil and natural gas.
ConocoPhillips’ steam-assisted gravity drainage (SAGD) assets in the Canadian oil sands represent a net resource of 8 billion barrels that offer growing, long-lived production. These are assets where technology improvements can contribute significant economic and environmental benefits to the large resource base and add value to the company’s portfolio.