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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.1 p/ Y' u9 F, p" y( } f& U
9 N: {, U7 C x* y0 ~( @The production and market outlook paints two scenarios.3 v/ n I5 S1 ?* c8 |4 A" E
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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." B! ~* F9 y: N* R
: o, i3 [# J( p( B8 T: t7 lCAPP 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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"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."% e- O& p4 }3 _) s+ L( ]
3 U2 d: n F9 G4 R' ? eCAPP sees no need for more pipe-line capacity in the decade ahead.
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( g0 ?$ u; n2 E6 V/ 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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