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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.9 g$ n8 {( a( J4 R3 G. ]) _
6 t" N* R) S% ^( f, iThe production and market outlook paints two scenarios.- [; \/ a9 v4 Q6 \4 C5 y* v4 c1 \
+ {' d+ B( i! i) Z6 j! a5 yUnder 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.2 m6 |3 y) @7 ^: E& a T2 i
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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.# |% D/ a7 w+ j6 {4 G
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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." [! b# ]) q, C, ~# l0 e4 f4 u
/ G F0 C! f6 l' j* _9 n1 DCAPP sees no need for more pipe-line capacity in the decade ahead.& v# r/ |2 P3 O- D$ P: i
( v2 b* f; U, j |7 W"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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