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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., e- M- {% @6 F5 Y/ U+ c' v
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The production and market outlook paints two scenarios.7 x6 N6 D5 |; r- l( X: `3 }, Y
5 |: B5 m& b7 h2 ]& N' UUnder 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. X+ @' q8 E% p( P; V
3 b' \' w2 E$ M4 w; H3 f# LCAPP 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.+ p8 E/ a/ c( Q
( x& E5 q* b' \# f, }"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."; A& X5 r3 J8 F$ u, s4 {) A4 _
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CAPP sees no need for more pipe-line capacity in the decade ahead.. f- o; g6 o! c: Z) ~& A
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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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