Oil and gas giant Canadian Natural Resources Ltd. says it plans to increase its overall production by 12 percent in 2025.
The Calgary-based company says it is targeting average annual production of between 1.51 million and 1.55 million barrels of oil equivalent per day in 2025, representing production growth of approximately 170,000 barrels per day. compared to 2024.
CNRL says this growth is partly due to its previously announced US$6.5 billion acquisition of Chevron Canada Ltd.’s stakes. in the Athabasca Oil Sands and Duvernay Shale Project, which was completed in 2024.
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CNRL says its 2025 operating capital budget is set at around $6 billion, up from its 2024 forecast of $5.42 billion.
The company says it plans to drill 361 crude oil and natural gas wells in the coming year.
It also continues to work on increasing production at its Horizon oil sands site and the Athabasca oil sands project.
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