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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.4 b( Q. \& a8 [9 j! `
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The production and market outlook paints two scenarios.
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* ?: _! o5 \& K; V! {" P9 \: s4 H( ZUnder 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.- E7 R$ u% ?$ @( F
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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.7 G( u3 }/ ^: p r3 O! x
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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."% r) X1 ?) A5 e; m& W6 Q! Z6 H
1 q$ q$ p6 Z JCAPP sees no need for more pipe-line capacity in the decade ahead.) S$ u+ B2 w+ d. g
0 u3 A3 p( M' E( k& u6 B8 U"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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