Reports related to this article:
Project(s): View 5 related projects in PECWeb
Plant(s): View 2 related plants in PECWeb
Released March 03, 2017 | SUGAR LAND
en
Researched by Industrial Info Resources (Sugar Land, Texas)--Canadian Natural Resources Limited (NYSE:CNQ) (Calgary, Alberta) reported increased year-over-year production from its Horizon project in the Alberta oil sands after the completion of the Phase 2B expansion of the project last year. A Phase 3 expansion is under way at the site. Industrial Info is tracking $18.1 billion in active Canadian Natural Resources projects.
The company completed the Phase 2B expansion at the Horizon oil sands facility last year, boosting production of synthetic crude oil (SCO) at the facility. In a conference call on Thursday regarding Canadian Natural's fourth-quarter 2016 earnings results and operating performance, Chief Operating Officer Tim McKay said: "At Horizon in the fourth quarter of 2016, we produced a record 178,063 barrels per day (BBL/d), very close to the nameplate capacity of 182,000 BBL/d. The ramp up of 2B was successful... In 2016, we completed 2B on time and below its original budgeted estimate." Production at the facility in fourth-quarter 2015 was 123,265 BBL/d.
Construction of Phase 3 remains under way and will increase the project's capacity further. In the conference call, Steve Laut, president of Canadian Natural, said, "Horizon Phase 3 is right on track to add 80,000 barrels of production early in Q4 2017." The company estimates that $1.05 billion of spending remains for the approximately $1.5 billion project. Canadian Natural spent $1.92 billion at the facility in 2016. For more information, see Industrial Info's project report on the Phase 3 expansion.
Fourth and fifth expansions remain in the early planning phases, and could increase the project's capacity to 375,000 BBL/d and 500,000 BBL/d, respectively. However, these expansions would not kick off for several years. For more information, see Industrial Info's project reports on the Phase 4 and Phase 5 expansions.
Canadian Natural has allocated $3.9 billion for its 2017 capital program. The company reported net earnings of C$566 million (US$422.5 million) in fourth-quarter 2016, compared with earnings of C$131 million (US$97.8 million) in fourth-quarter 2015.
Outside of Horizon, the company is pursuing several other projects, including the $1.35 billion construction of a grassroot bitumen production field and processing plant at its Wolf Lake facility in Alberta. The facility will have a production capacity of 50,000 BBL/d using cyclic steam stimulation (CSS) and steam-assisted gravity drainage (SAGD) technologies to produce bitumen from oil sands resources. The project could kick off in the second quarter of next year. For more information, including contact details, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
The company completed the Phase 2B expansion at the Horizon oil sands facility last year, boosting production of synthetic crude oil (SCO) at the facility. In a conference call on Thursday regarding Canadian Natural's fourth-quarter 2016 earnings results and operating performance, Chief Operating Officer Tim McKay said: "At Horizon in the fourth quarter of 2016, we produced a record 178,063 barrels per day (BBL/d), very close to the nameplate capacity of 182,000 BBL/d. The ramp up of 2B was successful... In 2016, we completed 2B on time and below its original budgeted estimate." Production at the facility in fourth-quarter 2015 was 123,265 BBL/d.
Construction of Phase 3 remains under way and will increase the project's capacity further. In the conference call, Steve Laut, president of Canadian Natural, said, "Horizon Phase 3 is right on track to add 80,000 barrels of production early in Q4 2017." The company estimates that $1.05 billion of spending remains for the approximately $1.5 billion project. Canadian Natural spent $1.92 billion at the facility in 2016. For more information, see Industrial Info's project report on the Phase 3 expansion.
Fourth and fifth expansions remain in the early planning phases, and could increase the project's capacity to 375,000 BBL/d and 500,000 BBL/d, respectively. However, these expansions would not kick off for several years. For more information, see Industrial Info's project reports on the Phase 4 and Phase 5 expansions.
Canadian Natural has allocated $3.9 billion for its 2017 capital program. The company reported net earnings of C$566 million (US$422.5 million) in fourth-quarter 2016, compared with earnings of C$131 million (US$97.8 million) in fourth-quarter 2015.
Outside of Horizon, the company is pursuing several other projects, including the $1.35 billion construction of a grassroot bitumen production field and processing plant at its Wolf Lake facility in Alberta. The facility will have a production capacity of 50,000 BBL/d using cyclic steam stimulation (CSS) and steam-assisted gravity drainage (SAGD) technologies to produce bitumen from oil sands resources. The project could kick off in the second quarter of next year. For more information, including contact details, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
