Bloomberg News

Canadian Natural to Spend $7 Billion to Add Capacity, Laut Says

December 12, 2011

Dec. 12 (Bloomberg) -- Canadian Natural Resources Ltd. aims to invest $7 billion to increase capacity next year and will raise 2012 oil output 17 percent to benefit from high oil prices, President Steve Laut said.

The company plans to drill two wells in the North Sea and a third off Ivory Coast in 2012, he said today in an interview in Kuwait City. The explorer will boost production of heavy crude to 480,000 barrels a day from 110,000 barrels a day, adding 40,000 to 60,000 barrels a day every two to three years until it reaches the target, he said.

The company won’t raise natural gas production next year as prices in North America remain low, he said. Laut said in November he expects natural gas prices to stay low for five to 10 years.

--Editors: Alex Devine, Ana Monteiro

To contact the reporter on this story: Wael Mahdi in Kuwait at wmahdi@bloomberg.net

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net


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