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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.6 ?" ?0 I5 @9 M& B, k2 Q8 o
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The production and market outlook paints two scenarios.' J4 o: C- f, n9 I" a, c
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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.# G3 Y8 |, U9 E2 v+ E
5 |" ~% \% E1 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.
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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."9 c8 ?/ h- w$ u6 K
6 K, \" |1 P! T3 vCAPP sees no need for more pipe-line capacity in the decade ahead.
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, ~5 r6 }2 R$ a& e. }4 ]6 A6 i* ["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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