Canadian Natural Resources Limited Horizon Update
October 03 2012 - 5:00AM
Marketwired
Canadian Natural Resources Limited (TSX:CNQ) (NYSE:CNQ) ("Canadian
Natural") updates certain environmental initiatives and the plans
for its previously announced scheduled planned maintenance at its
Horizon Oil Sands Project ("Horizon").
Canadian Natural is committed to environmental excellence. In
this regard, to further reduce CO2 emissions at Horizon, Canadian
Natural has entered into a long term gas processing agreement with
a North American infrastructure company. Under this agreement,
Williams Energy Canada ("Williams") will invest approximately $500
million to $600 million to extract, transport, fractionate, own and
market natural gas liquids ("NGLs") and olefins captured from the
offgas produced at the upgrader at Horizon. In exchange for the
NGLs and olefins transferred to Williams, Canadian Natural will
receive methane in return which will be used as fuel for its
Horizon operations.
The capture of the offgas from the upgrader is targeted to
significantly reduce CO2 emissions at Horizon. Following the
targeted expansion of Horizon to approximately 250,000 bbl/d of
production capacity, CO2 and sulphur emissions are targeted to be
reduced, from levels that would otherwise be produced in the
absence of such technology, by approximately 200,000 tonnes per
year of CO2 and 2,000 tonnes per year of sulphur through the
capture of offgas.
Williams plans to build a new liquids extraction plant with
supporting facilities near Canadian Natural's upgrader and extend
an existing pipeline to enable the transportation of the
NGL/olefins mixture to a facility located near Edmonton,
Alberta.
In other Horizon matters, previously planned maintenance at
Horizon originally scheduled to occur in late Q3 has been shifted
into October. Such maintenance is currently scheduled to commence
on October 11, 2012. The proactive maintenance will require
temporary curtailment of production, and is targeted to be
completed in twelve days followed by a return to full production.
As previously discussed, full year production guidance for 2012
remains unchanged at 90,000 bbl/d - 98,000 bbl/d as downtime for
proactive maintenance activities was previously taken into
consideration.
Canadian Natural is a senior oil and natural gas production
company, with continuing operations in its core areas located in
Western Canada, the U.K. portion of the North Sea and Offshore
Africa.
This document contains forward-looking statements under
applicable securities laws, including, in particular, statements
about Canadian Natural's plans, strategies and prospects, estimates
of repair work required, expected timing of resumption of
production and anticipated production volumes. Although the Company
believes that the expectations reflected in these forward-looking
statements are reasonable, such statements are subject to known or
unknown risks and uncertainties that may cause actual results to
differ materially from those anticipated.
Contacts: John G. Langille Vice-Chairman Steve W. Laut President
Corey B. Bieber Vice-President, Finance & Investor Relations
Canadian Natural Resources Limited 2500, 855 2nd Street S.W.
Calgary, Alberta, T2P 4J8 Canada (403) 514-7777 (403) 514-7888
(FAX)ir@cnrl.com www.cnrl.com
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