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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.' h$ a |% e" h' ^& s. h3 ]/ l" t
6 x0 Y* u& @9 a" v" ]6 IThe production and market outlook paints two scenarios.% d; V# q# y4 L- R8 m
' x. R$ @" G0 O( e2 o+ _# u2 ^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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CAPP 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.; E$ p9 {8 {4 ?+ l& u8 u1 o
' ^( y% w- y- N, S- ^7 I" n"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."; y4 p+ W( M+ e: }3 R# ^# j
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CAPP sees no need for more pipe-line capacity in the decade ahead.! Q3 t; p0 n* n7 U; z s
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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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