Canadian oil and gas operators plan to produce costs in the future

Many Canadian companies, including the country’s largest natural gas producer, plan to scale and cost capital in the next quarter, in contrast to major US oil and gas operators, which prioritize fiscal discipline and relatively static production.

Turmalmin Oil Corporation, Canada’s largest natural gas producer, has seen strong growth plans between Q2 and the end of the current quarter. Turmaline during Q2 represents an average annual profit of 1.916 Bcf / d during Q2 and 1.425 Bcf / d during Q2 2020.

The company expects average 2.11 BCA / d in the third quarter, rising to 200 MMcf / d in the quarter.

This growth may be due to a lot of NGTL strength this summer. According to S&P Global Platts Analytics, NGTL production averaged 12 Bcf / d during Q2. As of August 20, it has an average of 12.26 Bcf / d in Q3.

Active equipment in Canada’s oil and gas fields has returned to pre-COVID-19 levels. According to plastics analysts, at 145 reds, Canada is 72% of the reagrants operating in early 2020.

Canada’s natural resources increased Q2 production to 1.614 Bcf / d compared to 1.462 Bcf / d in the same quarter a year ago. The company plans to increase production in the coming months.

He said the 2021 capital budget has increased from 275 million to $ 3.48 billion as we take the lead in future growth opportunities. Company Q2 Income Call. The increase includes $ 120 million for conventional and non-traditional assets, $ 110 million for low-income assets and $ 45 million for additional drilling violations.

Turmaline plans to expand production by 2022, with an average of 2.31 Bcf / d of gas in Q2 2022, which means another 200 MMcf / d growth.

According to Platts analysts, Turimalin could be a strong signal to AECO after the construction of the Greater James River, which is expected to be strong this quarter. However, due to the lack of rotation of plants this summer, operators are considering removing plants during September maintenance, which could bring down production.

Last month, Turmalmin signed an agreement to sell 140 MH / D of natural gas to Chanere from 2023. The LNG connected to this gas supply at 850,000 m. By 2023, Turmalmin 905 MMcf / d will be available for export markets.

Based on current excavations and completion data, Platt Analysis predicts total Canadian production by 16.3 Bcf / d. This is higher than 2021 1 Bcf / d. Much of its development comes from Montgie Shale, British Columbia, then Alberta Duverney and Cardium plays.
Source – Plates

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