ALBERTA - CANADIAN NATURAL RESOURCES (CNRL) of Calgary is ahead of schedule on its Horizon oil sands project near Fort McMurray. Through the end of June 2006, 36% of the construction had been completed, compared with the planned 31%. Better yet, spending was behind schedule; 37% of the construction capital had been spent rather than the planned 39%.
During the second quarter of this year, CNRL awarded over $400 million in contacts and purchase orders. That brings the total to date to over $4.4 billion. Also during the quarter, the project reached a total of over 5.0 million hours worked without a lost time accident, well ahead of benchmarked targets.
The Horizon project is based on 6.0 billion barrels of recoverable bitumen. Production at 110,000 bbl/day will begin in 2008 and rise to 232,000 bbl/day in 2012. An extensive photo gallery of work at the site is available at www.CNRL.com.
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