Conventional Oil & Gas
As Pengrowth shifts its focus to become the leading value creator of unconventional resource plays, there remains a need to ensure that its conventional oil and gas operated assets continue to add value.
Considering that conventional oil and gas assets are typically mature in nature, extensively developed and need to be extremely efficiently operated – it is necessary to utilize a different approach to maximizing production capacity on these assets than when dealing with an unconventional asset base.
Creating a division of the company specialized in conventional operations (we call it “Conventional Co”) has allowed Pengrowth to establish a dedicated team of Operations, Engineering, Geological, Land, Environmental, Regulatory and Finance team members, who work together to seek the very best opportunities to exploit Pengrowth’s mature assets.
Combining the skill sets of these individuals into a distinct team with a clear focus has contributed to greater collaboration and quicker decision making amongst team members as well as allowed for a team of individuals with cross functional disciplines to work on the same team under a single point of accountability.
Conventional Co.’s mandate is clear, “Maximize production of Pengrowth’s conventional oil and gas producing assets in a manner which creates the utmost value for the company.”
Currently Conventional Co.’s operated oil and gas assets represent approximately 20 percent of Pengrowth’s total daily barrel of oil equivalent production per day.
Conventional Co. manages 52 of Pengrowth’s operated oil and gas producing properties, and unlike Pengrowth’s unconventional resource plays, are spread out geographically across the Western Canadian Sedimentary Basin.
Major Properties
- 4200 boe per day production from North East British Columbia
- Key producing regions, Oak, Rigel, Weasel, Bulrush, Montney
- 4200 boe per day production from Northern Alberta
- Key producing regions, Mcleod River, Red Earth, Goose River, Kaybob
- 3700 boe per day production from Southern Alberta
- Key producing regions, Blackstone, Lethbridge, Enchant, Greater Berry
