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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.+ N5 R, Y7 I3 s4 \% F/ w* N% ?
' Y R# r1 D( o, ]" wThe production and market outlook paints two scenarios.% i4 p$ g- p! j8 w1 j" D7 L
! y- D* e* h5 tUnder 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.+ X: [+ Z5 O6 ` r3 E% K* [
5 x' L& T" J- p: c c" sCAPP 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 ? D a) n: D. Q2 `) x4 a"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."! g; @- k% f$ V5 q8 y) v7 w
, H& |/ u3 `" n6 C) aCAPP sees no need for more pipe-line capacity in the decade ahead.6 y) ^; \: v5 f9 a1 g
J; S( {, y/ g, E"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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