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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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4 Q4 Q0 u& P4 [. @The production and market outlook paints two scenarios.
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6 k3 K& w8 ]( T9 |2 r7 g; M0 FUnder 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.+ ]* G* t- Y+ h2 Q
% H9 E: F$ W1 v2 a- T1 \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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"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."7 R: `' X0 v" w% `$ e' J
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CAPP sees no need for more pipe-line capacity in the decade ahead.9 {6 B- G/ x' ?& R2 Y
( A$ V& x8 \4 @3 o- i"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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