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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./ P. X- X8 v5 I# V: ~
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The production and market outlook paints two scenarios./ F( f& r- c) z2 |1 V
4 @, I4 S( D& ?8 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.
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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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& K ~% A5 n" u. Q0 s% ?" {"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.": \* } s+ I+ ~
! }% K! G! W* w+ j" b" P! V! u; FCAPP sees no need for more pipe-line capacity in the decade ahead.! k4 _! R1 y& Q# G/ W4 @
]% ~# L& g; `1 U8 t% B"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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