(CNRL, 7.Oct.2024) — Canadian Natural Resources Limited (CNRL) entered into an agreement to acquire, subject to regulatory approvals, from Chevron Canada Limited its 20% interest in the Athabasca Oil Sands Project (AOSP), which includes 20% of the Muskeg River and Jackpine mines, the Scotford Upgrader and the Quest Carbon Capture and Storage facility.
This acquisition brings Canadian Natural’s total current working interest in AOSP to 90%. The acquisition adds approximately 62,500 b/d of long life no decline Synthetic Crude Oil (SCO) production, contributing to Canadian Natural’s significant sustainable free cash flow generation. The agreement also includes the acquisition of additional various working interests in a number of other non-producing oil sands leases with aggregate acreage of approximately 267,000 gross / 100,000 net acres.
In addition, Canadian Natural has also agreed to acquire, subject to regulatory approvals, Chevron’s 70% operated working interest of light crude oil and liquids rich assets in the Duvernay play in Alberta. Production from these assets is targeted to average in 2025 approximately 60,000 boe/d, consisting of 179 MMcf/d of natural gas and 30,000 b/d of liquids. These Duvernay assets provide the opportunity for meaningful near term growth while contributing additional free cash flow.
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