Canadian Natural revises oil sands plan, ponders mega-scheme - February 01, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryFebruary 2004

Vol. 9, No. 5

Week of February 01, 2004

Canadian Natural revises oil sands plan, ponders mega-scheme

Gary Park

Petroleum News Calgary correspondent

While edging towards a final decision on its massive C$8 billion Horizon oil sands project, Canadian Natural Resources has trimmed plans to increase output from a second oil sands venture in northeastern Alberta.

The Calgary-based independent has indicated its board of directors will deliver a verdict this summer or fall on the 270,000 barrels per day Horizon plan. Its C$250 million Primrose expansion in the Cold Lake area is likely to be scaled back to 90,000 bpd from an authorized 120,000 bpd.

The changes at Cold Lake will see Canadian Natural reduce its anticipated wells to 360 from about 600.

Delineation drilling will also be completed this winter on a lease east of the Primrose property and if a project is deemed feasible, planning will start this fall.

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