Cenovus Energy is the first company to reach one-billion barrels of oil using SAGD technology.
The Calgary-based company hit this milestone on Wednesday from cumulative production from its Christina Lake, located south of Fort McMurray, and Foster Creek facilities.
“Thanks to their efforts, we can proudly say today that we are an industry leader, that our oil sands projects have made a significant contribution to the Canadian economy, and that Cenovus’s oil is among the most responsibly produced oil on the planet,” said Alex Pourbaix, Cenovus President & Chief Executive Officer.
Both projects have been producing oil for just under 20 years – and since then, over $25 billion in capital spending has been put into the Canadian economy. $3.2 billion has also been made in royalty payments for the Government of Alberta since Cenovus launched as an independent company nearly a decade ago.
To mark this achievement, the oil giant is donating money to certain communities.
A spokesperson tells Mix News while they’re not releasing specific details, numerous places within the RMWB, including Christina Lake area, will receive funds.