Canadian Natural Resources Ltd. pledged to reduce greenhouse gas emissions by 40% from 2020 levels by 2035. Read more.
None of the Pathways companies, including Canadian Natural, have made a final decision to invest in a $16.5-billion carbon capture and storage hub and pipeline proposed for northern Alberta — a project that is viewed as key to meeting the sector’s climate ambitions.Article content
Ottawa has hinted that more incentives to decarbonize could come in next year’s budget in response to the deluge in green spending announced in the U.S. Inflation Reduction Act. CNRL’s new climate target was met with skepticism from analysts and industry watchers who were incredulous about the sector’s previous emissions targets, though some expressed hope that government incentives and regulatory policies anticipated in the 2023 federal budget could make emissions targets more achievable.
“Pathways previously established a 32 per cent absolute reduction by 2030 , which many view as somewhat aggressive given slower-than-expected progression of discussions with the federal/provincial governments,” Menno Hulshof of TD Securities Inc. wrote in research note. “We believe the announcement of additional incentives in the April 2023 federal budget could get targeted timelines back on track.
CNRL also announced a $5.2-billion capital program for 2023, including $1 billion set aside for strategic growth. The company is targeting a four per cent year-over-year increase in production based on a mid-point production target of 1,330,000 to 1,374,000 barrels of oil equivalent per day.
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Canadian Natural Resources forecasts higher oil and gas production in 2023Canadian Natural Resources is forecasting increased oil and gas production in 2023 as it looks to capitalize on higher prices. Read on
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Canadian Natural Resources forecasts higher oil and gas production in 2023Canadian Natural Resources is forecasting increased oil and gas production in 2023 as it looks to capitalize on higher prices. Read on
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