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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.
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The production and market outlook paints two scenarios.+ b& Q( p4 ^5 p2 O
, w: d) d$ _# a n% r( s2 @% c& CUnder 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.. q# V; k/ E# w8 g
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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.+ W+ M- t3 M- [* x
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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."' n& L0 z" S3 v1 v8 ?5 h
$ X, T& i7 a: \9 f; t, aCAPP sees no need for more pipe-line capacity in the decade ahead.) d* K" A- S% u( R8 b6 Z
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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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