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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.8 n6 l! w* F& P6 ?; b
( U6 A* n( m, B4 bThe production and market outlook paints two scenarios.
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& s O& r5 |' w/ x2 ~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. X4 ]$ S8 h/ a1 n$ v0 v
2 }; g5 F, }; U: }- }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.; ^- ?9 y+ q$ f. A: A3 `
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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."
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* m+ G% e/ z* z8 \1 {/ f9 w' G5 qCAPP sees no need for more pipe-line capacity in the decade ahead.# _' A: _" ~6 ~" Y+ S I; }1 V
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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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