Oil Sands Expansion Plans Put on Hold by Canadian Natural Resources

Canadian Natural Resources has put its mid- to long-term oil sands expansion projects on hold until agreements with the Canadian and Alberta governments are finalized. The company's CEO, Scott Stauth, stated that any further developments would depend on the successful completion of a memorandum of understanding signed in July.

The projects affected include the C$650-million Jackfish project, which is expected to produce 30 000 barrels per day, and the C$2.5-billion Pike 2 project with a capacity of 70 000 bpd. These plans were previously slated for engineering work this year, as mentioned in the company's 2025 investor presentation.

Canadian Natural's decision follows similar announcements from Suncor Energy and Enbridge, which have also delayed their expansion plans pending government agreements. The company has raised its full-year production forecast to between 1.637-million and 1.682-million barrels of oil equivalent per day for 2026, up from its previous estimate.