Canadian Natural Resources acquired Chevron’s Alberta assets late last year.
As part of the transaction, CNRL acquired Chevron’s Duvernay position, which took CNRL from very little production out of the Duvernay, to one of the top producers.
The deal has closed, and many of the licences have already been transferred from Chevron to CNRL, with the remainder likely being transferred soon. However, CNRL has yet to spud any wells into the formation since the closing of the transaction, although 5 spuds licensed to Chevron did occur in November for licences that are yet to be transferred.
This is likely to change soon however, as CNRL has quickly become the top licensee in the Duvernay YTD. There have been 78 licences issued since the start of the year that have a targeted formation of Duvernay, and CNRL has far and away the most with 32.
It looks like the company is ready to make its mark on this condensate rich part of the WCSB.
Figure 1 – Year-to-Date Duvernay licences – BOE Intel
Figure 2 – CNRL Duvernay Licences Year-to-Date – BOE Intel
