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Released December 05, 2022 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Oil and gas producer Canadian Natural Resources Limited (NYSE:CNQ) (CNRL) (Calgary, Alberta) said last week it is planning a capital investment budget of C$5.2 billion (US$3.8 billion) for 2023, with C$4.2 billion (US$3.1 billion) allocated for production growth throughout the year (base capital) and the remaining C$1 billion (US$744 million) for strategic growth projects. Industrial Info is tracking nearly US$30 billion worth of active projects from CNRL, including more than US$1 billion worth under construction.
The base capital "targets to provide near-term production growth within 2023," according to a related press release, while strategic growth capital targets "additional production and capacity growth beyond 2023."
"In 2023, we target to deliver strong year over year production growth of approximately 56,000 BOE/d [barrels of oil equivalent per day], or 4%, over 2022 targeted levels, based on the midpoint of our 2023 production guidance range of approximately 1,330,000 BOE/d to 1,374,000 BOE/d," said Timothy McKay, the president of CNRL.
The 2023 targeted production mix consists of 44% light and synthetic crude oil (SCO), 29% heavy crude oil and 27% natural gas, based on the midpoint.
CNRL plans to kick off a series of 2023 drilling programs in April, to grow production at various developments, with completion expected at the end of the year. Among these are a US$300 million project at its Smith heavy crude oil production field in Alberta, which entails drilling more than 160 new wells. Also planned are projects at its Karr Creek natural gas and light crude oil field in Grand Prairie, and two natural gas and natural gas liquid (NGL) fields--Karr Creek South and Wembley. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can see detailed reports for the Smith, Karr Creek, Karr Creek South and Wembley projects.
The company said the strategic growth capital budget for 2023 is partly "related to the drilling, completion, pipelines and facilities" of pads for its in situ wells. "In situ" refers to methods of oil sands production that use drilling and steam to extract bitumen in place.
CNRL is moving forward with developing well pads using steam-assisted gravity drainage (SAGD) technology, including at its Jackfish I and II production fields and processing plants near Conklin, Alberta. The Jackfish II well pad addition kicked off in August of this year, and completion and first steaming is expected in second-quarter 2023; the Jackfish I addition is expected to kick off in September 2023, with completion in March 2024. Subscribers can see reports for the Jackfish I and Jackfish II projects.
The company also is focused on developing cyclic steam stimulation (CSS) pads, specifically at its Primrose North Production Field & Processing Plant near Cold Lake, Alberta. The construction of two new pads at Primrose North kicked off in June, with completion scheduled for a year later. Click here for the project report.
At its Pike Bitumen Production facility in Lac La Biche, Alberta, CNRL plans to use SAGD technology to increase production from two new processing plants--Pike 1A and 1B--which would add an additional 70,000 barrels per day (BBL/d) by 2026. Subscribers can read detailed reports on the Pike 1A and 1B projects.
The growth capital also is allocated for a reliability enhancement project for its oil sands mining and upgrading operations, "targeted to extend the maintenance cycle from once per year to once every second year," according to the press release. And in terms of exploration and production (E&P) assets, the capital will be used to progress with "long leads for future debottlenecking and expansion growth opportunities."
Canadian Natural Resources reported third-quarter adjusted net earnings from operations of C$3.49 billion (US$2.59 billion), up from C$2.09 billion (US$1.49 billion) in third-quarter 2021.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active midstream projects from CNRL.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The base capital "targets to provide near-term production growth within 2023," according to a related press release, while strategic growth capital targets "additional production and capacity growth beyond 2023."
"In 2023, we target to deliver strong year over year production growth of approximately 56,000 BOE/d [barrels of oil equivalent per day], or 4%, over 2022 targeted levels, based on the midpoint of our 2023 production guidance range of approximately 1,330,000 BOE/d to 1,374,000 BOE/d," said Timothy McKay, the president of CNRL.
The 2023 targeted production mix consists of 44% light and synthetic crude oil (SCO), 29% heavy crude oil and 27% natural gas, based on the midpoint.
CNRL plans to kick off a series of 2023 drilling programs in April, to grow production at various developments, with completion expected at the end of the year. Among these are a US$300 million project at its Smith heavy crude oil production field in Alberta, which entails drilling more than 160 new wells. Also planned are projects at its Karr Creek natural gas and light crude oil field in Grand Prairie, and two natural gas and natural gas liquid (NGL) fields--Karr Creek South and Wembley. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can see detailed reports for the Smith, Karr Creek, Karr Creek South and Wembley projects.
The company said the strategic growth capital budget for 2023 is partly "related to the drilling, completion, pipelines and facilities" of pads for its in situ wells. "In situ" refers to methods of oil sands production that use drilling and steam to extract bitumen in place.
CNRL is moving forward with developing well pads using steam-assisted gravity drainage (SAGD) technology, including at its Jackfish I and II production fields and processing plants near Conklin, Alberta. The Jackfish II well pad addition kicked off in August of this year, and completion and first steaming is expected in second-quarter 2023; the Jackfish I addition is expected to kick off in September 2023, with completion in March 2024. Subscribers can see reports for the Jackfish I and Jackfish II projects.
The company also is focused on developing cyclic steam stimulation (CSS) pads, specifically at its Primrose North Production Field & Processing Plant near Cold Lake, Alberta. The construction of two new pads at Primrose North kicked off in June, with completion scheduled for a year later. Click here for the project report.
At its Pike Bitumen Production facility in Lac La Biche, Alberta, CNRL plans to use SAGD technology to increase production from two new processing plants--Pike 1A and 1B--which would add an additional 70,000 barrels per day (BBL/d) by 2026. Subscribers can read detailed reports on the Pike 1A and 1B projects.
The growth capital also is allocated for a reliability enhancement project for its oil sands mining and upgrading operations, "targeted to extend the maintenance cycle from once per year to once every second year," according to the press release. And in terms of exploration and production (E&P) assets, the capital will be used to progress with "long leads for future debottlenecking and expansion growth opportunities."
Canadian Natural Resources reported third-quarter adjusted net earnings from operations of C$3.49 billion (US$2.59 billion), up from C$2.09 billion (US$1.49 billion) in third-quarter 2021.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active midstream projects from CNRL.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
