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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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7 `; m7 d. R; c3 q+ X6 j! eThe production and market outlook paints two scenarios.; w% v6 C. i8 S @4 X! U& Z' W
6 Z. Q1 f7 d. w# CUnder 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.* E8 a( B2 l& s: Q6 \: b( j
3 K# H5 J# H" _ q; d# z/ tCAPP 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.8 Z$ W. N7 [( v. R
+ p6 S. W3 U! B7 D"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."/ M& i! N2 A2 l/ V
2 F' F2 d( T# i6 u0 Y1 K3 y" h+ [/ VCAPP sees no need for more pipe-line capacity in the decade ahead.* H5 y: c- Z: g8 M
* |$ A! O& d/ k3 h! `+ P- P"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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