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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.
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' g z w* E7 }; b ]+ w; Q8 K. g- jThe production and market outlook paints two scenarios.& W6 O% w5 g) S6 a4 h
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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.
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$ u! w9 b; l9 G; Z6 f9 hCAPP 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."$ f n+ K0 H& w m( M
' |* g; n& e2 s# k/ rCAPP sees no need for more pipe-line capacity in the decade ahead.; L2 u3 \8 u5 V7 G/ `2 C& p
0 Z& Z E8 f! N; M& l2 @"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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