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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." d6 s8 d* V% V" R; B1 P1 C6 h- J
, I% d m' a: LThe production and market outlook paints two scenarios., G$ {: ? [; b" {% E# T# t
( f* M" G/ z3 o! A6 n* |) g0 nUnder 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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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.; D5 t9 u2 r5 E d: g5 K
( [% K) ^5 H" s% C0 F) y7 }"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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q% X- J5 H, P. G/ QCAPP sees no need for more pipe-line capacity in the decade ahead.) E; ]4 w$ i5 i- O
; v* N9 S) |3 Q9 m$ M3 H, G# f"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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