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Canadian Natural Resources is becoming the country’s top supplier

The company has bought up 12,000 natural gas wells over two years.

20.Jul.16 5:21 AM
By Alesya Davydova


Canadian Natural Resources is becoming the country’s top supplier

Canadian Natural Resources Ltd is likely to become the country’s largest natural gas producer. According to a Reuters analysis of regulatory data, the company has bought up about 12,000 natural gas wells in the Alberta region over the last two years, getting a dominant position in the province.

CNRL increased its well count to 60 per cent between 2013 and 2015, overtaking its rival Encana Corp. from the leading position. Reuters found out that some of the CNRL’s purchases cost less than $1.00 per well. Steve Laut, the President of Canadian Natural Resources Ltd, explained that the company had bought the wells as soon as they came up for sale in areas where it already works.

“Western Canada over time has become a very high cost basin and so it’s difficult to compete especially when commodity prices go down,” Laut told Reuters. “All industry … have to find ways to become more effective and more efficient.”

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