Canadian Natural Resources Ltd. increases extraction as oil prices rise

As oil prices continue to increase, one of Canada’s largest energy companies has announced it will send additional rigs back out into Western Canada’s oilfields. 22.Jun.16 11:25 PM By Anastasia Sutulova Photo Toinnov.com    397

Canadian Natural Resources Ltd. announced that it would increase spending by $50 million to drill 123 new heavy oil wells, five new light oil wells and 11 thermal oil wells in the second half of this year. Nevertheless, this increase is relatively small if compared to the company’s overall budget, estimated between $3.5 billion and $3.9 billion, but it is a tentative sign of confidence in rising prices. This week, the president of the company commented that the decision to increase spending was made “with oil prices strengthening”. However, the company is still cautious to invest more. Some other North America companies did the same. Oklahoma City-based Devon Energy Corp. boosted its capital expenditure budget by US$0.2 billion this year to increase production. Another producer, Calgary-based Tourmaline Oil Corp., said Wednesday that if prices continue rising, it would increase the number of rigs it plans to use in 2017 to 22 from 12.

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