Canadian Natural Resources Ltd. (CNRL) is planning a commercial project in Northern Alberta that could produce up to 300,000 barrels of bitumen per day by 2010. The Horizon Project (formerly called the Mic Mac Project) could produce more than 5.6 million barrels of bitumen over a 50-year lifespan.
CNRL said construction could begin in 2004, subject to regulatory approvals. The company said it plans to make a formal application by 2002.
The project would involve infrastructure, surface mining and bitumen processing, in situ operations, and an onsite bitumen upgrader. CNRL plans production of up to 30,000 barrels per day by 2006.
An Environmental Impact Assessment is currently under way for the project, and Canadian Natural has launched a consultation and communications program to ensure that stakeholders have an opportunity to review project plans and provide input throughout all phases of the development.
Construction is estimated to start in 2004.
In reviewing the scope of the project, CNRL has determined that its forecasted cash flows during the development of the project will be sufficient to fund the development while maintaining its currently strong balance sheet.
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