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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.
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, l k) u3 x1 T1 [The production and market outlook paints two scenarios.
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# z1 u1 D# S) _# q; w3 aUnder 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.$ j C0 E) ?% F! O: T X
$ s; G) i( x; H3 [$ m9 r, A5 E$ rCAPP 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."# Y U2 k4 B3 W2 k" m6 P6 O
# ?2 c/ \7 g8 n% V: tCAPP sees no need for more pipe-line capacity in the decade ahead./ g' r0 A' g7 w, }* \& ?
* A7 c% ?( B. c% o# l"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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