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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.) y; X( l0 w/ j* ?4 D2 G
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The production and market outlook paints two scenarios.* V3 T9 w5 K8 v& ~
4 s# I6 Z8 C3 x+ I' GUnder 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.) f7 ~% D, T6 j* D) b" ~- v \: \
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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.6 q* t2 a; M2 G
3 `5 B$ y% c: E7 x1 F"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."! J; t2 k; b# k* s6 H
: Y" u; p; H3 L3 f% P& I6 z& j5 zCAPP sees no need for more pipe-line capacity in the decade ahead.
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8 }, a# i) n; F5 u C"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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