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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.; O0 u" x; i6 y1 U9 }/ s$ [) V
; {4 N+ E* j0 G: m0 A" Z6 x% GThe production and market outlook paints two scenarios.) e& O" t/ I9 C% Y: Z# { |
; F3 M1 B/ a$ \% [4 v7 _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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+ Y" p! i9 z; I0 D4 t' ECAPP 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., ~" T8 |+ u% f; E; @
% e7 \: e8 F) h6 s"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."4 G: N9 w6 z6 C4 t8 Z
4 B: ?* q+ H# f6 `/ B- HCAPP sees no need for more pipe-line capacity in the decade ahead.) m& `$ }' G8 e
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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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