Oil patch creating its own opportunities

摘要

Canada's leading oil sands producers plan to increase capital expenditure in 2020 as Alberta eases mandatory output curtailments from this month. But the sector faces continued pipeline constraints and political pressures. The Alberta provincial government is allowing operators to produce over their production quotas, as long as they can demonstrate that they will move any incremental volumes by rail. This is spurring plans for new production as compa- nies divulge their targets for the new year. Suncor's budget of C$5.7bn ($4.3bn) leads the pack, representing a rise of 9pc from 2019 guidance (see table). The frm expects production to edge up by 4pc to about 820,000 b/d. Canadian Natural Resources (CNRL) expects to hire more staf next year, while increasing its budget and production. It says the Alberta curtailment order will impact no more than 25,000 b/d of its nearly 1mn b/d of crude and natural gas liquids output. Cenovus plans to return to “unconstrained production” in 2020 and to ramp up its Christina Lake phase G, which it delayed this year.