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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.; O" Y+ Q6 J* F w" n4 |) W- [
' s: y6 {. u M9 C! X1 l& fThe production and market outlook paints two scenarios.2 K& \8 I. Q B g9 ~6 m: R
3 \ Y) V0 _) jUnder 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.2 E# ^1 B1 y% N6 |, `# h8 g4 T5 Q
3 C7 L, R5 x. q, k# u"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.": W/ k9 o- Z3 K2 v
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CAPP sees no need for more pipe-line capacity in the decade ahead.
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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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