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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./ G& m5 M6 g1 r1 l5 S. B
2 r1 R, v! h- o- v! l/ {* YThe production and market outlook paints two scenarios.
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% P% G* _, A0 r" GUnder 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./ W @: q/ N) X( s
' c4 ?( g4 W z( M% Q4 T- x' ?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.! y" b4 k# T |. p# [- I0 v6 a+ k. \/ s
" B+ P; |/ v6 N: ~& }"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."/ u) \# W( Z3 b* P b$ H
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CAPP sees no need for more pipe-line capacity in the decade ahead.# f3 K; Y8 X6 G/ {/ p
# q. i' g$ ~( A& p% T"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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