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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.- Z1 {5 n% P. q- S; v2 J" e# b4 J
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The production and market outlook paints two scenarios.4 ~& h$ w1 i2 y
- o8 Y6 H/ m0 j6 ~& i6 o% G3 p; \Under 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.$ K+ w0 S W! z* r$ ^
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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., h3 e! X& p% d/ Z. H& c
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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."
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* B, Q5 R% @5 H0 G/ u( }1 @. |; FCAPP sees no need for more pipe-line capacity in the decade ahead.) o1 u* |& J/ Q+ X7 }8 D' i9 {7 E
k2 _# V+ N* b- ]2 p8 ?"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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