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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.7 C- E2 \1 @: R
; i% Y4 X: M' N B$ B- P% BThe production and market outlook paints two scenarios.6 O- M6 N4 [, O
" l8 W& C" B% a$ IUnder 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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% A& Z+ H4 Z( g6 u; K4 @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.
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# g: a, M' C( `: T; Q"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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* f0 Y# P8 K. a# t' i! j: }CAPP sees no need for more pipe-line capacity in the decade ahead.
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; Y" ?/ W2 p6 o5 e"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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