World Class Assets

World Class Assets

Canadian Natural has a large, balanced and diversified asset base, which facilitates flexible capital allocation decisions. The Company’s North America operations serve as the foundation of our business, with operations in the UK portion of the North Sea and Offshore Africa providing international exposure and greater diversification opportunities.  Our significant ownership and operatorship in our core areas supported by extensive owned infrastructure, allows us to be effective and efficient operators. Our strong financial position allows us to execute on value creation opportunities as they arise and to weather market volatility. The completion of our transition to a Long Life Low Decline asset base demonstrates our belief in value growth and will result in maximum shareholder value for years to come.

North America North Sea Offshore West Africa

Select an area on the map to learn more about specific assets.

North America

Canadian Natural has the largest undeveloped land base in the Western Canadian Sedimentary Basin (WCSB) supported by an extensive owned and operated network of pipelines and facilities.  Our North America assets consist of conventional and unconventional natural gas, along with projects in light, medium and heavy crude oil, as well as in situ oil sands and oil sands mining and upgrading production.

Natural Gas

Canadian Natural is the largest producer of natural gas in Western Canada. Our natural gas assets are strong, leveraged by a vast land base, a well-developed network of owned infrastructure and a deep, diversified range of drilling opportunities. Conventional and unconventional natural gas production is concentrated in five core regions: Northwest Alberta, Northeast British Columbia, the Foothills, Northern Plains and Southern Plains of Alberta and Saskatchewan.

Canadian Natural continues to access and develop new natural gas opportunities, focusing on growing an already strong portfolio of assets and optimizing existing production in the Montney and Deep Basin.  

Q4/18
Natural Gas Activity

Crude Oil and NGLs

Canadian Natural is the largest producer of heavy crude oil in Canada with a competitive advantage through its vast land base. We balance this heavy crude oil production with light crude oil, bitumen, synthetic crude oil (SCO), Pelican Lake medium crude oil and production of natural gas liquids. Production is balanced with project time horizons in the near, mid and long-term,focusing on value creation through a defined plan of economic growth.

Canadian Natural’s heavy crude oil production is focused on the Alberta-Saskatchewan border. We benefit from an extensive land position, which allows for large scale drilling and development programs, while minimizing capital cost requirements. Costs are further managed through owning and operating centralized treating and sand handling facilities, maximizing their utilization and achieving economies of scale. Primary production of heavy crude oil typically recovers between 5%-15% of oil originally in place, leaving a vast unrecovered resource that will ultimately be exploited through improved recovery techniques.

Canadian Natural produces light crude oil and NGLs in all of the western Canadian core regions. While light crude oil recoveries are modest, as new technology and EOR techniques are implemented, recoveries from these mature assets are targeted to improve. The Company’s Pelican Lake asset is a large, contiguous, shallow medium crude oil pool initially developed for primary heavy crude production. Parts of the field were converted to waterflood, resulting in significant production and reserves increases. Building on that success, polymer flood was tested and subsequently introduced, again resulting in further increases in production and reserves. The application of the higher viscosity polymer flood increases oil recovery due to reduced fingering or breakthrough, which can happen during waterflooding.

Canadian Natural believes we hold some of the best oil sands assets in North America, particularly thermal in situ properties. These assets provide tremendous value and growth potential. Located in two of the major oil sands deposits in Western Canada – the Athabasca and Cold Lake – the thermal in situ properties are developed using cyclic steam stimulation (CSS), steamflood and steam assisted gravity drainage techniques. Our thermal operations are an integral part of our large, diversified and balanced asset base and our defined growth plan.

Q4/18
Crude Oil & NGLs Activity

Oil Sands Mining and Upgrading

Another development in Canadian Natural’s world class asset portfolio is Oil Sands Mining and Upgrading assets. Rather than in situ production, these assets include a surface oil sands mine and bitumen extraction plant, complimented by on-site bitumen upgrading, ultimately producing high quality SCO. Canadian Natural holds extensive leases containing a massive resource base, with the mine and plant facilities expected to produce for decades to come without the production declines normally associated with conventional crude oil production. In 2017, the Company completed the Horizon Phase 3 expansion project as well as the successful acquisition of a direct and indirect 70% working interest in the Athabasca Oil Sands Project (AOSP) and 100% working interest in other heavy crude oil and thermal in situ assets.

Q4/18
North America Oil Sands Mining and Upgrading 

International

Canadian Natural’s International operations provide a committed source of light crude oil production. The Company leverages its experience in mature, low-risk, exploitation basins (similar to those found in the WCSB in North America) to those found offshore. International efforts are concentrated in two core areas – the UK portion of the North Sea, and in Offshore Africa, specifically Offshore Côte d’Ivoire.

North Sea

In the North Sea, attention is focused on prudent management of existing infrastructure and abandonment liabilities in a mature basin. Mature basin exploitation is one of Canadian Natural’s core competencies and this area provides long-term development opportunities.

Offshore Africa

The Offshore Africa assets deliver high-value, light crude oil, providing development opportunities with significant exploration upside with some of the highest returning projects in the Company’s portfolio. Canadian Natural has capitalized on a unique government relations niche, while leveraging technical and operational expertise from the North Sea operations.

In Offshore Côte d’Ivoire, the Espoir development is produced from two reservoirs - East and West Espoir – located roughly 60 kilometers southwest of Abidjan, capital of Côte d’Ivoire. The field is developed through highly deviated wells and the use of water injection and other recovery techniques to achieve superior flow rates. The light crude is then processed, stored and offloaded via a floating production storage and off-take (FPSO) vessel.

Also in Offshore Côte d’Ivoire is the Baobab field. Baobab is located roughly 8 kilometers south of Espoir in deep water. As with Espoir, Baobab uses an FPSO to process, store and export the crude oil.

Canadian Natural has a 20% interest in Block 11B/12B offshore South Africa, approximately 200 km offshore between Mossel Bay and Port Elizabeth. The block is prospective for coalescing (deep water) basin floor fans, with amalgamated turbidite sand thickness potentially up to 150m based on seismic data, similar to that in the Forties Fan in the North Sea. As this is deep water with challenging sea conditions, Canadian Natural secured a world class partner for the deep water exploration of its Block 11B/12B with a 20% working interest and financial carry as well as bonus payments on commercial discovery.  The operator drilled the first exploratory well on the block in late 2014, achieving sufficient depth to retain the exploration right.  The operator secured an advanced drilling rig in late 2018 and re-entered the well in late 2018, reaching target depth in late January 2019. Subsequent to completion of drilling and analysis of the results, on February 7 the operator announced that the well encountered 57m of net gas condensate in the Lower Cretaceous reservoir. Following the discovery, further 3D seismic is targeted and along with addtional drilling to delineate additional structures on the Block.

Q4/18
International Crude Oil and Natural Gas Activity