Canadian Natural Resources: High Oil and Gas Production Expected For 2023

On Wednesday, Canadian Natural Resources Ltd. estimated higher production of oil and gas for next year as the company seeks to profit from rising prices.

Sanctions imposed on Russia after its invasion of Ukraine earlier this year have resulted in an increase in demand for oil and gas. Since then, European countries have desperately sought new sources of gas to replace Russian exports and boost their energy independence.

The company anticipates an increase of approximately 4% in overall output in 2023 compared to earlier targets for this year.

“With our prudent 2023 capital budget, low maintenance capital requirements and an asset base with long life low decline, high-value production, we target to continue to deliver significant free cash flow in 2023,” said chief financial officer Mark Stainthorpe.

The corporation forecasts a $4.9 billion capital expenditure for this year, while for next year, it anticipates to spend $5.2 billion.

In 2023, it anticipates a total output of between 1.33 and 1.37 million boe/d (barrels of oil equivalent/day).

Original source material for this article taken from here