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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.: e! H# z( ?; o. e4 k5 H
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The production and market outlook paints two scenarios.4 a) O3 b8 I& X. |& }7 `# D- {4 v
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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# |! p8 x% YCAPP 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.& E* K4 `+ e1 a4 ~9 p, p$ G
+ ^4 n. ?; ]/ Y5 R7 U"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."7 u3 p1 A6 X% _) e T% F
. i+ A e( e2 x( ~3 Z* Z1 F0 z, LCAPP sees no need for more pipe-line capacity in the decade ahead.3 j% u% S% T& W
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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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