Canadian Natural Resources Ltd (CNQ)

[frenchee]

This year, Canadian Natural's huge Horizon oil sands project will start pumping out oil for the first time. Unlike conventional oil assets, this one could produce steady cash flow for decades.

In addition to one of the largest oil sands projects on the planet, Canadian owns a vast amount of other energy assets in Canada, West Africa and the North Sea. Overall, Canadian Natural should gush $2 billion in free cash flow in 2008. The company could double that number in 2009 as the Horizon project expands. If Canadian Natural actually achieves these cash-flow totals, its stock could be worth twice what it trades for today.

The stock is not risk-free, of course. Oil prices could sink. Tax regimes could get uglier (especially the fickle Canadian tax regime). Currency fluctuations could undermine investment returns. But overall, if you want to own an emerging energy behemoth, Canadian Natural is very strong candidate.