Depressed Gas Market Causes Canadian Natural Resources to Focus on Oil

摘要

The depressed state of the Canadian natural gas market is causing Canadian Natural Resources Ltd. to divert more of its CapEx budget to its oil projects from its natural gas properties. "We are seeing decent oil regimes and very difficult natural gas regimes," said Allan Markin, the company's chairman, during a conference call to discuss Q1 earnings. The most difficult region for gas drilling is in Alberta, he said. In terms of natural gas production, the company intends to optimize its existing natural gas production with an aim towards increasing its inventory of drilling prospects in FY 2009.