The ConocoPhillips Canadian operations are comprised primarily of oil sands assets in the Athabasca region of northeastern Alberta and unconventional development in British Columbia.
Current investment programs are focused on the operated Surmont oil sands development and the liquids-rich Montney unconventional play in northeastern British Columbia. Surmont is a steam-assisted gravity drainage (SAGD) development that contains over a billion barrels of captured resources. There is also further resource upside from the company’s other Canadian oil sands assets.
At Montney, ConocoPhillips has established a major position in a liquids-rich unconventional development play. During 2020, the company completed an acquisition of approximately 147,000 net acres in the play’s core area, adding substantial resources with a favorable cost of supply.
ConocoPhillips has progressed its exploration and appraisal activities during recent years and plans to grow production significantly through the next decade.
Canada at a Glance
As of December 31, 2020