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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 k h5 u$ F. F2 O, T1 Q
: k. E( l' b5 P& OThe production and market outlook paints two scenarios.
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D$ v; T1 n( eUnder 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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4 U) n7 d3 f0 [3 }3 z+ @+ X) |" lCAPP 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.5 j! _7 Y5 P+ @* a! r7 A* V$ S
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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."
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2 B. E) X5 Z5 E% M0 DCAPP sees no need for more pipe-line capacity in the decade ahead.8 x7 B! Y j& N1 u" t, }& o
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"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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