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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.8 Y, C7 N8 g; G* G
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The production and market outlook paints two scenarios.
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2 C# P6 I( z: TUnder 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.) ]- j2 c4 t* s7 I" Z& G6 i6 Y- D
8 L% ^6 ^3 A" ^# d( n+ y, o$ nCAPP 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.2 S- [2 j8 Z! P# h
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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."0 R1 R$ a9 H* G1 \, c/ t, z6 R& v
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CAPP sees no need for more pipe-line capacity in the decade ahead.0 A9 a! V: Q) k. P) q$ o! L8 h
" S$ x2 w9 m: w0 j) V: f" U+ A"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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