Dec 15 (Reuters) - Canadian Natural Resources Ltd said on Thursday that it expected production to rise by 6 percent and set its 2017 capital budget at C$3.89 billion ($2.92 billion), a slight increase from last year.
Canada’s largest independent petroleum producer said overall production in 2017 is expected to be between 833,000 barrels of oil equivalent per day (boe/d) and 883,000 boe/d, from 808,000 boe/d in 2016.
The company said it would complete the expansion of its Horizon oil sands project in 2017, located north of Fort McMurray in Alberta, and the project’s third phase would be on stream in the fourth quarter.
The oil producer forecast synthetic crude oil production in the Horizon project of 170,000 barrels per day (bbl/d) to 184,000 bbl/d for 2017, which is an increase of 44 percent from 2016. ($1 = 1.3322 Canadian dollars) (Reporting by Komal Khettry in Bengaluru; Editing by Martina D’Couto)