Dec 14 (Reuters) - Canadian Natural Resources (CNQ.TO) said on Thursday it expects production to increase in 2024, as the energy producer bets on demand amid tight supplies.

Canadian oil and gas producers have been disciplined with their output in 2023. However, an industry group, Canadian Association of Energy Contractors, expects companies to drill 8% more wells in 2024 to take advantage of greater access to pipelines.

Calgary, Alberta-based Canadian Natural Resources expects total production to be between 1.33 million and 1.38 million barrels of oil equivalent per day (boepd) next year. It estimated 1.33 million to 1.37 million boepd for 2023.

"As part of our 2024 budget, the drilling program is weighted towards longer-cycle projects in the first half of the year," President Tim McKay said in a statement.

"During the second half of the year, we will focus on shorter-cycle development opportunities to better align with incremental market egress and potentially improved commodity pricing, maximizing value for our shareholders."

The company set a target for exit production levels at around 1.46 million boepd, an increase of nearly 40,000 boepd from 2023 levels.

The company expects annual production to grow 4% to 5% on an average in 2025, compared with 2024 targeted average annual production levels.

Canadian Natural Resources expects to spend C$5.4 billion ($4.01 billion) in capital in 2024, largely in line with its 2023 forecast.

($1 = 1.3458 Canadian dollars)

https://www.reuters.com/business/energy/canadian-natural-resources-projects-uptick-production-2024-2023-12-14/