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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.
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+ @: [* C" }; O9 S! \The production and market outlook paints two scenarios.6 R1 t- E( B% v3 d) C
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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.
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( `4 x% S: | S: N( ^2 [; L* \3 j5 ^5 gCAPP 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.8 E$ N1 y, c, B# D2 |+ V- D4 {& a$ t7 E! p
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"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."7 r0 _3 z. f* Z, F* b4 {+ l
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CAPP sees no need for more pipe-line capacity in the decade ahead.
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8 E1 L6 d8 N% F/ g. 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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