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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.8 o: p7 G8 s7 G$ T
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The production and market outlook paints two scenarios.
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0 @8 @) F7 E7 r0 PUnder 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.0 K7 ^6 t1 s A. d
$ [9 Q% J- K5 ACAPP 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."6 n4 }7 \- _# f0 g. y( n2 N- l
! `' |& }5 P: G6 n' r: }CAPP sees no need for more pipe-line capacity in the decade ahead.! X# ]1 ?3 D& ^5 g; @
/ f( E% A: u( `; `- S"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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