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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.$ `- K4 {* n* X8 U* V Q( ]
* p2 E* e$ i% K( `7 \- RThe production and market outlook paints two scenarios.9 K, s( k" k+ w1 U, Z; {
6 @6 u5 E$ P; X7 _* _1 HUnder 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.- w. D& \0 @! B, {1 a# V0 @
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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.0 O) w Q$ n$ @+ k3 j8 K( h
3 y9 O |6 @; c+ M: t5 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."! p0 t% G p4 H0 f. W {
) ~+ I4 ~3 z9 z+ K) k& M9 W& P( Y2 {CAPP sees no need for more pipe-line capacity in the decade ahead.; a! ~2 N" y7 d( Y
! m3 V1 h7 P7 K. s: |"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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