Championing the oil sands

Canadian Natural’s chief is comfortable with his firm’s bet on the controversial resource

Canadian Natural Resources Ltd, Canada’s largest producer and one of the biggest independents globally, has faced significant scepticism for its all-in strategy towards the country’s oil sands, especially when scooping up assets from fleeing IOCs such as Shell. But the Calgary-based company may ultimately have the last laugh, with soaring oil prices and increased focus on energy security helping propel its market valuation above C$100bn ($78bn), the first Canadian oil and gas company to achieve this milestone on Toronto Stock Exchange. Tim McKay, Canadian Natural’s president, contends that the firm has been far more proactive at adopting carbon capture and storage (CCS) at its facilities tha