Page 6 - NorthAmOil Week 49 2022
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NorthAmOil                                   PERFORMANCE                                          NorthAmOil


       CNRL targets 4% production growth in 2023





        CANADA           CANADIAN Natural Resources Ltd (CNRL) is   Meanwhile, natural gas production is tar-
                         targeting 4% production growth in 2023 com-  geted to range between 2,170mn cubic feet
                         pared with 2022. The Calgary-based company’s  (61.4mn cubic metres) per day to 2,242 mmcf
                         production growth would amount to 56,000 bar-  (64.5 mcm) per day, with the midpoint rep-
                         rels of oil equivalent per day (boepd) based on  resenting a 5% increase over 2022 targeted
                         a 2023 mid-point production guidance of 1.33-  levels.
                         1.37mn boepd.                          CNRL’s 2023 budget will be CAD5.2bn
                           CNRL has a targeted production mix for 2023  ($3.8bn), consisting of about CAD4.2bn ($3.1bn)
                         that will be 44% of high value light and synthetic  in base capital and CAD1.0bn ($737mn) in stra-
                         crude oil, 29% bitumen and heavy crude oil and  tegic growth capital.
                         27% natural gas. Liquids production, including   In addition, the company has targeted incre-
                         synthetic crude oil, is targeted to range from  mental strategic growth capital of CAD1.0bn in
                         969,000 barrels per day to 1,001,000 bpd. The  2023 for mid- and long-term strategic growth
                         company’s long-life low decline production rep-  projects that would add additional production
                         resents approximately 78% of its total targeted  and capacity growth beyond 2023.
                         liquids production, said CNRL.         In conventional upstream, the company is
                           Thermal and oil sands mining and upgrading  progressing with long leads for future debottle-
                         production is targeted to range between 705,000  necking and expansion growth opportunities
                         bpd and 729,000 bpd, with the midpoint rep-  and is progressing work for the next phases of
                         resenting a 5% increase over 2022 targeted lev-  development at Espoir and Baobab. In thermal in
                         els. Conventional upstream liquids production  situ, CNRL continues to progress with the devel-
                         is targeted to range between 264,000 bpd and  opment of five steam-assisted gravity drainage
                         272,000 bpd, with the midpoint representing a  pads at Jackfish, Kirby and Pike and two cyclic-
                         4% increase compared with 2022 targeted levels.  steam stimulation pads at Primrose.™








                                                        POLICY


       Biden administration seeks to halt SPR sales





        US               THE administration of US President Joe Biden  MacIntyre, testified to the Senate Energy and
                         wants to stop sales from the country’s Strategic  Natural Resources Committee. “We can’t fill and
                         Petroleum Reserve (SPR) that have been man-  release from the same site at the same time.”
                         dated by Congress. The Biden administration   The plan would require congressional
                         wants to refill the SPR when oil reaches $70 per  approval.
                         barrel.                                The 700mn barrel SPR currently is a little
                           In late October, the Biden administration  more than half full at 389mn barrels.
                         announced that another 15mn barrels of oil   Meanwhile, Chevron’s CEO, Mike Wirth,
                         were set to be sold from the reserve, in an effort  told the Economic Club of New York that refill-
                         to shore up the price of gasoline. It was the sec-  ing the SPR at $70 per barrel levels was “not nec-
                         ond such move. At that time, the Biden admin-  essarily a wise move”. The reserve should instead
                         istration said that more releases might occur in  be refilled steadily, he said.
                         an attempt to rein in the retail price of gasoline.   The SPR is at “dangerously low” levels, the
                         Biden also called on oil companies to pass on  American Petroleum Institute’s (API) president
                         some of their profits to consumers.  and CEO, Mike Sommers, told Fox TV.
                           Congress has mandated that sales of 147mn   “The Strategic Petroleum Reserve, unfortu-
                         barrels of oil should occur between 2024 and  nately, has become the strategic political reserve,”
                         2027 to pay for legislative initiatives. Up to 35mn  he said. “This is for emergency purposes, not
                         barrels would be sold in the 2024 fiscal year,  to lower gasoline prices during a time during
                         according to ClearView Energy Partners.  a political season,” he continued. “But I think
                           “It doesn’t make sense for us to be releasing  doing this willy-nilly and doing it in a way that
                         oil while we’re trying to refill the SPR,” the US  doesn’t make sense for the market we’re in, we
                         Department of Energy’s (DoE) Deputy Direc-  could be dealing with another major oil crisis
                         tor for the Office of Petroleum Reserves, Doug  here in the next few weeks.”™



       P6                                       www. NEWSBASE .com                      Week 49   08•December•2022
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