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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.2 J9 ^) E6 e/ W* u
9 J/ a+ A! p: z- f" OThe production and market outlook paints two scenarios.
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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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$ {2 B$ h' j0 S* R8 DCAPP 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.0 o) _* T6 `& W* E8 \8 Z
' u/ X2 z4 X$ E8 l"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."& K( m1 }' ?: a. Y
" J: p/ E4 f& f; E" k# ECAPP sees no need for more pipe-line capacity in the decade ahead.9 R% Z7 x# E. b; U4 Q8 L
6 P( L8 P1 i( [* P1 J"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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