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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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* i$ J' z5 w/ Y2 PThe production and market outlook paints two scenarios., [) q/ d' T, z4 B6 C& t0 e
, d1 E! d6 _$ l9 |- nUnder 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.
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2 l) c# y2 C' o( s1 A* X"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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- N7 A7 ~; u8 @; B4 B" V0 YCAPP sees no need for more pipe-line capacity in the decade ahead.( @; Q+ G9 e/ F0 w# O; [
0 y, c8 F0 a! o; k& ?) J. Q: P; ["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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