By the OGJ Online Staff
CALGARY, May 18 -- Canadian Natural Resources Ltd. (CNRL) says a proposed $7 billion (Can.) oil sands project in northern Alberta could produce more than 5.6 billion bbl of bitumen over a 50-year lifespan.
CNRL said the Horizon project, formerly known as Mic Mac, could begin construction in 2004, subject to regulatory approvals. It said production could reach 300,000 b/d of bitumen by 2010.
The company said it plans to make a formal application by 2002.
The project would involve infrastructure, surface mining and bitumen processing, in situ operations, and an on site bitumen upgrader.
CNRL plans production of up to 30,000 b/d by 2006. The product mix would be designed to meet market demand in Canada and the US Midwest. It could include diluted bitumen, light sweet and sour crudes, and natural gas liquids.
CNRL became Canada's fourth largest oil and gas producer in 2000 after it acquired Ranger Oil Ltd.