Canadian Natural president says oil sands growth depends on new West Coast pipeline - BERITAJA

Canada’s lipid sands person important description imaginable but the basin’s semipermanent maturation outlook is limited connected the building of a caller crude export pipeline to the Pacific coast, the president of Canadian Natural Resources said ‌on Thursday.

Scott Stauth, who heads the country’s largest lipid and state producer, made the remarks connected a convention telephone pinch analysts aft ⁠Canadian Natural announced it had exceeded first-quarter profit expectations, ‌fueled successful ample portion by higher accumulation successful its lipid sands segment.

“We request that pipeline to beryllium capable to turn lipid sands successful a important way,” said Stauth, referring ⁠to an Alberta authorities connection for a caller 1 million-barrel-per-day crude lipid pipeline to British Columbia’s northwest coast.

Like different lipid ‌sands producers, Canadian Natural’s accumulation has been growing.

Its full output accrued to 1.64 cardinal barrels of lipid balanced per time successful the 3 ⁠months ended March 31, from 1.58 cardinal boepd a ‌year earlier.

At its Jackfish thermal lipid sands project, accumulation averaged a grounds 134,396 barrels per day, exceeding its maximum output capacity.

The institution said consequent to the quarter, for the period of April, accommodation were besides moving supra afloat capacity, pinch output from each of its lipid sands assets reaching 630,000 barrels per day.

Canadian lipid producers are eager for much takeaway capacity for the country’s lipid output.

A caller 550,000 ‌bpd pipeline connection by Canadian institution South Bow and its U.S. partner Bridger Pipeline intends to summation Canada’s crude exports to the U.S. by reviving parts of ⁠the aged Keystone XL line.

There are besides capacity-enhancing projects planned for some the Trans Mountain Pipeline and Enbridge’s Mainline.

PIPELINE PROPOSALS MULTIPLY

Stauth said Canadian Natural has semipermanent maturation opportunities, including a 150,000 bpd description astatine its Jackpine lipid sands site, which remains connected clasp until the institution is assured it has the pipeline capacity ​to support them.

Long-term maturation is besides limited connected the result of ongoing talks betwixt Canada’s national ​government and Alberta, which person been trying to onslaught a woody connected an business carbon-pricing policy,

Stauth said, adding that he is ‌hopeful an statement will beryllium reached soon.

Canadian Prime Minister Mark Carney has antecedently said a caller West Coast pipeline would beryllium contingent connected lipid sands producers constructing a monolithic carbon-capture-and-storage task to bring down their greenhouse state ⁠emissions profile.

Stauth made nary mention, however, of ‌that task aliases immoderate biology goals connected Thursday. Canadian Natural reported adjusted profit of C$1.17 (US$0.8587) per stock for the 3 ‌months ended March 31.

Analysts connected mean ​had expected profit of C$1.01 per share.

The company’s shares ⁠were down about 4 per cent astatine C$59.82 successful Toronto adjacent midday connected Thursday.