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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.1 N: e# ~! j: c; t. t
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The production and market outlook paints two scenarios.; _9 O+ R. T! p$ X/ F
/ `# S- R h5 s' v2 ?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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& i' b! z! I( r7 i2 FCAPP 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.8 _0 f4 V& ?% j0 E( `! U6 i
- c/ [1 |- k% h' F2 `- Y3 Z, k"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."3 q/ B4 k# }6 D \
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CAPP sees no need for more pipe-line capacity in the decade ahead./ j p' ~4 F9 g, ]' V
5 O1 F5 @# \8 X2 M"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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