Canadian Natural Resources Limited Consolidates North Sea In
Canadian Natural Resources
|Thursday, March 13, 2003
Canadian Natural Resources has further consolidated its ownership in United Kingdom North Sea fields with the acquisition, effective January 1, 2003, of additional working interests in the Ninian and Columba fields, associated facilities and adjacent exploration acreage from Murphy Oil. The acquisition cost of US $36 million will be funded from Canadian Natural's budgeted 2003 acquisition cost capital budget. With this acquisition, Canadian Natural's interest in the Ninian field increases to 87% and its interest in the Columba B/D and Columba E fields increase to 94% and 92% respectively. Canadian Natural operates these fields together with the related drilling and production platforms. Including the acquired production, Canadian Natural's total net production from its international properties is currently in excess of 70,000 barrels per day.