By Robb M. Stewart
International Petroleum is targeting a bump up in production to average roughly 55,000 oil-equivalent barrels a day in the five years through 2028 and a further jump to about 65,000 barrels daily over the following five years.
On guidance:
The Canadian oil and gas exploration and production company forecast average net production this year at between 46,000 and 48,000 barrels of oil equivalent a day.
The company expects full-year operating costs of $18 to 19 an oil-equivalent barrel and capital and decommissioning expenditures in 2024 of $437 million.
Between 2024 and 2028, International Petroleum is targeting average net production of about 55,000 boepd, and capital expenditure of $11 per boe.
In the period 2029 to 2033, the company projects average production of roughly 65,000 boepd and capital expenditure of $5 per boe.
On 2023 production:
In the final quarter of last year, International Petroleum’s assets delivered average net production of 49,600 boepd, in line with the high end of the company’s guidance. Full-year production averaged 51,100 boepd, a record high for International Petroleum and on target with guidance of greater than 50,000 boepd.
The company’s operating costs per boe for the fourth quarter were $18.30, and for 2023 operating costs were $17.60, in line with its guidance of $17.50 to $18 per boe.
Write to Robb M. Stewart at [email protected]
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