(Photo: The CNRL Horizon project)
The new NDP government’s planned oil and gas royalty review is forcing Canadian Natural Resources Limited (CNRL) to hold off on its capital spending plans.
In a press release issued today CNRL deffered an Institutional Investor Open House it had scheduled for Jun. 17 because it won’t have detailed spending plans by that date.
“Due to the current uncertainty surrounding the Government of Alberta’s review of royalty, taxation, environmental and greenhouse gas policies, detailed future capital allocation plans for each of the Company’s assets cannot be finalized at this time,” said the company in its release.
The NDP campaigned in part on a review Alberta’s oil and gas royalties, CNRL is the first company to publicly delay spending plans in light of the review.
According to the Canadian Press Energy Minister Marg McCuig-Boyd told reporters on her way to the NDP’s first cabinet meeting that she hopes to have a review panel assembled in six months.
CNRL saw a net loss of $252 million in the first quarter of this year.
MyMcMurray has made a request for comment to CNRL.
