Canadian Natural forecasts higher crude oil, liquids output

Tue Dec 4, 2012 7:29am EST
 
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(Reuters) - Canadian Natural Resources Ltd CNQ.TO, the country's biggest independent oil and gas producer, said it expects to produce more crude oil and natural gas liquids (NGLs) next year, and plans to raise its capital budget by nearly 10 percent.

The company expects to produce between 482,000 and 513,000 barrels per day (bbl/d) of crude oil and NGLs in 2013.

It cut its production forecast for 2012 to between 452,000 and 460,000 bbl/d last month.

Canadian Natural expects to spend C$6.9 billion ($6.94 billion) next year. The company cut its 2012 budget three times to C$6.3 billion from C$7.2 billion.

The company also forecast production of between 663,000 and 704,000 barrels of oil equivalent per day.

Canadian Natural said it expects between 100,000 and 108,000 bbl/d of synthetic crude oil (SCO) in 2013 from its Horizon oil sands mining and SCO processing project in Northern Alberta, which includes an 18-day scheduled maintenance in May.

The company said it plans to spend about C$2.1 billion on expansion at the Horizon project in 2013.

(Reporting by Maneesha Tiwari in Bangalore; Editing by Joyjeet Das)