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Canadian Natural Resources Considering Major Oil Sands Expansion

OIL
Energy BulletsHomepageBulletCommoditiesCanada Bank of Canada Market News

Canada’s largest oil and gas producer Canadian Natural Resources is looking at opportunities to significantly increase bitumen output, the company said May 2, cited by Reuters/

  • The company is considering a 195k b/d expansion at its Horizon mining and upgrading plant in Northern Alberta.
  • Previously the company said it could add 75k b/d of bitumen, but it has since been able to scale up the process.
  • Canadian Natural said it will benefit from the TMX expansion start-up, in which it can move 94k b/d.
  • The company also increased its shipping commitment on the Flanagan South pipeline to the USGC in Q1 to 77.5k b/d from 22.5k b/d.
  • The company also produced 1.33m boe/d in Q1, slightly below analysts’ expectations of 1.35m boe/d.
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Canada’s largest oil and gas producer Canadian Natural Resources is looking at opportunities to significantly increase bitumen output, the company said May 2, cited by Reuters/

  • The company is considering a 195k b/d expansion at its Horizon mining and upgrading plant in Northern Alberta.
  • Previously the company said it could add 75k b/d of bitumen, but it has since been able to scale up the process.
  • Canadian Natural said it will benefit from the TMX expansion start-up, in which it can move 94k b/d.
  • The company also increased its shipping commitment on the Flanagan South pipeline to the USGC in Q1 to 77.5k b/d from 22.5k b/d.
  • The company also produced 1.33m boe/d in Q1, slightly below analysts’ expectations of 1.35m boe/d.