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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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6 j' k m4 F' C) xThe production and market outlook paints two scenarios.: Y j" T) k" O! \
; s9 P- e- M- v7 }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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% h7 ~. J* ~% j, _0 x2 QCAPP 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.% L7 {) C9 t l' o& N$ G; g
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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."# ]$ v& z/ u1 { b
: u7 o. o$ y0 U: p# ]8 p) JCAPP sees no need for more pipe-line capacity in the decade ahead.: s+ F5 I0 |7 ]/ `3 _/ q4 g
W6 c I2 c3 N2 N8 E! ?, R"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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