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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.; D3 x! |1 X+ a' ?) B/ G( `; m* ]/ a
" {; z. `# R) D; F+ a' @The production and market outlook paints two scenarios.3 k- |3 |) ]/ M: w! R4 V0 h9 K8 G# M& X
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Under 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.9 L- Q8 ]- P- x5 g
5 k6 }* |! W8 eCAPP 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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j# k" R$ U! W) F. P; E"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."1 \4 r$ S8 D" G% R& }& I1 G; h k
5 l# d5 M j' _CAPP sees no need for more pipe-line capacity in the decade ahead.
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- F) k, G1 G+ B" Y, ?"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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