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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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$ Y9 K5 S, U- ?- G% PThe production and market outlook paints two scenarios.: Z& C3 I5 N, U
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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.
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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.% s6 z$ f7 D) q/ S8 g$ `$ Y) X
* G& z( a* m) i5 _"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."$ \3 y3 w- {9 Q- h9 |7 x
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CAPP sees no need for more pipe-line capacity in the decade ahead.( K: @8 e; P u+ K% _. ?8 ^
3 j4 V$ ` w% j. L/ T: e7 Z"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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