Canadian Natural Resources Plots Major Oil Production Growth

Canadian Natural Resources Plots Major Oil Production Growth

May 14, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Canadian Natural Resources Limited (NYSE:CNQ) (CNRL) (Calgary, Alberta) is among the oil and gas producers watching anxiously as wildfires burn up Canada's oil-sands region, which follows a quarter when weaker prices for synthetic crude oil and natural gas diminished earnings. Nonetheless, CNRL is upbeat about its expansion projects in the area, which it expects will benefit from increased shipping on pipelines, including the newly operational Trans Mountain Pipeline expansion.

Industrial Info is tracking more than US$42 billion worth of active and planned projects from CNRL, more than half of which is attributed to projects in the oil sands. Despite the concerns posed by wildfires and weak prices, CNRL is seeking ways to significantly increase bitumen output at its production facilities in the region.

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