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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.) c' k, _1 {8 R/ |7 ~) `% O
1 S ~5 u% s' v5 o. EThe production and market outlook paints two scenarios.+ z3 S) Q2 _3 i& e
" F" B- B* O3 a5 E5 t- J; q. _Under 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.5 g2 T$ q9 k- S! Q8 E* x5 _$ q
- i% y8 d8 P* t7 }4 i0 vCAPP 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. T+ k3 ^4 ]6 B8 ~7 U2 ?5 j
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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."
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CAPP sees no need for more pipe-line capacity in the decade ahead.. q6 {5 K4 _; t6 w4 D
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"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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