Canadian Natural Resources announces first steam-in at Kirby south SAGD project

9/19/2013

Canadian Natural Resources announces first steam-in at Kirby South SAGD project

CALGARY -- Canadian Natural Resources Limited posted that first steam injection was achieved on September 16, 2013 at its 100% owned and operated Kirby South steam assisted gravity drainage (SAGD) project.

The Kirby South project was completed on budget, with a forecast addition of production at approximately $30,000 per flowing barrel, and ahead of the originally targeted steam-in date of November 2013.

Kirby South is targeted to grow to 40,000 bpd of production by the end of 2014 and is the first step in a staged expansion plan for the greater Kirby area, targeted to increase Kirby area production over time to 140,000 bpd. Canadian Natural’s current overall thermal in situ development plan targets to increase facility capacity from current levels of 170,000 bpd to 510,000 bpd in staged increments over the next 15 years.

Commenting on the start up of operations at Kirby South, Canadian Natural’s President Steve Laut said “The successful completion of construction and commissioning of the Kirby South project demonstrates the strength of our teams and our ability to effectively and safely execute on our projects. Kirby South is the next piece in our long term growth plan for our thermal in situ assets, increasing the size of our long life, low decline asset base and enhancing our already strong ability to generate free cash flow in the near and long term”.

Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the United Kingdom portion of the North Sea and Offshore Africa.

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