FORT ST. JOHN, B.C. – Canadian Natural Resources Limited has released a forecast for the 2017 budget.
Canadian Natural’s 2017 capital budget is targeted at roughly $3.9 billion. The Company is aiming to deliver 2017 production growth of approximately 6%.
“Overall crude oil and NGL production is targeted to increase 9% from 2016 levels, representing approximately 45,000 barrels per day (“bbl/d”) of production growth, largely as a result of the completion of Horizon Phase 2B in October 2016.”
The company says total natural gas production is targeted to increase 2% from 2016 levels, at 1,700 MMcf/d to 1,760 MMcf/d.
Overall production in 2017 is targeted to be between 833,000 BOE/d and 883,000 BOE/d, with a product mix of approximately 65% crude oil and NGLs and 35% natural gas.
The company also says they plan to target the Montney and Deep Basin areas.
“In 2017, the Company targets a natural gas capital program of $460 million. The Company targets to undertake a focused program of 21 strategic net producing wells in 2017, targeting liquids-rich plays in the Montney and Deep Basin.”
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