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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.0 M% c) k: ]' m- t: X( T* S7 s
% h" t" Q3 y" d6 I1 j/ }. z5 ]& n$ d% \The production and market outlook paints two scenarios., g7 N. H. P3 [. X0 y
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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.( U2 Q* H6 |' Q5 O% E# x2 N' t9 m
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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.' |9 @2 P3 N$ ]: l) v' q/ i7 G
; G* i$ e E: T5 Z: m2 ~"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."6 q' Y, M1 S6 K; v0 a! r2 Q
4 x7 v- |4 ^" |' s0 u" K" QCAPP sees no need for more pipe-line capacity in the decade ahead.3 q- Y) a& H/ Q
% r% Y/ e, R2 Q! x% Z8 F- y& w"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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