CALGARY — Canadian Natural Resources Ltd.
said it believes the output of its Horizon oilsands mine could be increased by 195,000 barrels per day of synthetic crude oil, a 76 per cent hike from the mine's current capacity of approximately 255,000 barrels per day.
"One is we need to ensure that we have a carbon policy in place. ... That fiscal policy is absolutely key for us to be able to move any additional expansion volumes forward. And also what's important in terms of that would be securing and working on enhancing egress capacity as well out of the basin."
But CNRL, which remains the darling among energy investors and analysts for its history of strong financial results, also said its latestquarter was the first since achieving its net debt target. The company is now returning 100 per cent of its free cash flow to shareholders. But he said CNRL now believes greater gains can be achieved through both its in-pit extraction process project — which aims to replace the traditional bitumen extraction process by processing the bitumen right at the mine face — and its paraffinic froth treatment system, which makes use of hydrocarbon solvents to reduce the amount of energy required to separate bitumen from surrounding sand and water.
Canada Energy Regulator data shows that in March, Alberta's oil production was four million barrels per day, up 4.8 per cent from the same month last year. For the first three months of 2024, the province's oil output hit a first-quarter record of 3.9 million barrels per day.
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