ConocoPhillips has successfully acquired full ownership of the Surmont asset, solidifying its position in the oil sands industry and reflecting a commitment to maximizing production capabilities and sustainability.

Target Information

Surmont has a rich history that spans decades, beginning with the construction of a Steam-Assisted Gravity Drainage (SAGD) facility in 1997. This pilot project was instrumental in laying the foundation for Surmont's future developments. During this period, ConocoPhillips gathered significant insights that would inform subsequent large-scale projects, showcasing the asset's potential from its inception.

In 2007, Surmont transitioned from pilot to commercial production with the launch of Surmont 1, marking a pivotal moment for the asset and highlighting the viability of SAGD technology in unlocking the extensive resources of oil sands. The project continued to evolve, leading to the construction of Surmont 2 in 2010, aimed at increasing production capacity and reinforcing Surmont’s importance within ConocoPhillips’ portfolio. By 2023, ConocoPhillips solidified its commitment to Surmont by acquiring the remaining 50% interest in the asset, thereby achieving full ownership.

Industry Overview in Canada

Canada is recognized as one of the top countries in the world for oil production, primarily driven by its vast oil sands deposits. The oil sands industry plays a crucial role in the Canadian economy, contributing