Exploration & Production | General News
CNRL Hits Milestones in Horizon Oil Expansion Project
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Canadian Natural Resources Limited has reported an update on its Horizon Oil Sands project.
Several key milestones were completed at Horizon in Q3/13 as the Company continues to deliver on its strategy to transition to a longer life, low decline asset base which continues to deliver significant and growing free cash flow.
Horizon ExpansionOverall Horizon Phase 2/3 construction, which is targeted to increase production capacity to 250,000 bbl/d of synthetic crude oil (SCO), reached approximately 30% physical completion in Q3/13 with current costs continuing to trend slightly below sanctioned cost estimates, as the Company executes a cost driven strategy for expansion.
The Reliability Phase is approximately 91% physically complete and is trending under its budget of $1.09 billion by…- ✓ Full news archive — U.S., Canada & international coverage
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