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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.+ ?; R+ z* W' @
3 [7 ~; a4 g3 @8 j6 lThe production and market outlook paints two scenarios.0 w, [9 c% E6 e. t' T7 J7 \4 n
- _( u- p. N" S5 c0 MUnder 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.# i$ J) ]. o8 u/ H9 f, K
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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.
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7 \+ u, Q. z+ k K9 }"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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CAPP sees no need for more pipe-line capacity in the decade ahead.1 P& m" G) Q5 A; M- o
# a. h* ?, M! K6 q& g"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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