Guided by our core principles, we have three primary growth strategies:
1. Exploration
Exploration has and will continue to be a key growth strategy as we believe it offers attractive full-cycle returns. Our exploration efforts are primarily focussed in the:
2. Resource Plays
As conventional opportunities in our areas of focus mature, we have established an exciting position in resource plays by leveraging innovation and technology. We are currently focussed on:
- Oil sands - to produce and upgrade bitumen into premium synthetic crude;
- Unconventional gas - to extract coalbed methane primarily from Upper Mannville coals and shale gas from the Devonian shale in Northeast British Columbia; and
- Enhanced oil recoveries - to increase recovery factors in our heavy oil fields.
3. Acquisitions
While acquisitions are not our primary growth strategy, we have used them when opportunities arose that were a good strategic fit. Our most recent significant acquisition was in December 2004 in the North Sea, which is now becoming a key growth area for us with the world-class Buzzard asset as a cornerstone.
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