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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.* C; k p9 g8 k; A# |+ M* E/ N$ k! B
. v3 Q; W1 t% z7 [2 C6 o( ~The production and market outlook paints two scenarios.
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$ [; P( o2 e& T& ]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./ p% \8 P' K+ g' v) U
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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.8 `9 `: X: A! K! v5 `- s
( H/ m9 [1 @- ]$ R6 n- v"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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CAPP sees no need for more pipe-line capacity in the decade ahead.* Z. V& F% D) ?% w4 N$ L" g q: ]
7 u( \! }6 ~; W3 S8 b! `) r"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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