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Alberta's oilsands could push Canada's oil production to more than 4.2 million barrels a day by 2025, compared with 2.7 million bpd currently, if the investment climate improves over time, said the Canadian Association of Petroleum Producers in a forecast released Friday. v+ _" |" Z) C1 k( `
j* C# Y8 m, f0 H" r9 d; N$ }The production and market outlook paints two scenarios.% S$ m' n" P1 B# J8 N
! `$ E- r& s9 i9 j+ zUnder a conservative approach, which includes projects operating or under construction, Canadian crude oil output would rise to just 2.8 million bpd by 2025, with the oilsands replacing declining conventional production.
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CAPP sees oilsands output increasing to two million bpd under its conservative approach, compared with 3.3 million bpd under its growth scenario, which assumes an improving economic market.
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0 J/ k0 ~, ]$ }"CAPP's production forecast indicates that even with delays due to current economic circumstances, oilsands production is expected to grow, although the pace of development has slowed," said Greg Stringham, vice-president for markets and oilsands. "Producers expect continued demand for the security of supply that crude oil from Canada provides to the North American energy market."" O+ M% l" ?: [) K
3 R, @$ W% v" @) ?) c W- ?: ^CAPP sees no need for more pipe-line capacity in the decade ahead.
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"In terms of pipeline capacity to meet market expectations, this year's outlook indicates that the significant pipeline development now under-way will amply connect forecasted production to long-term demand in the North American energy market," Stringham said |
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