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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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3 c7 k/ _2 N. Y% D9 X7 G) H( hThe production and market outlook paints two scenarios.4 ~0 ?5 W* L& ^8 R0 t( ]
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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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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.: d( x0 ]5 ]* W
2 d9 V! q4 q2 X0 B, i/ ^"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."9 E* h0 f& O% |$ N; G' I
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CAPP sees no need for more pipe-line capacity in the decade ahead.* Y9 ]5 X! w$ q1 f: _; f
6 q" V3 p8 ]7 }* V f"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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