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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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8 P9 h8 A& f6 ~5 _; b7 ZThe production and market outlook paints two scenarios.: P0 Y: s( s- C6 f6 u0 \
Y* [( U/ ]0 m7 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. L- V0 M5 E- S
% F: d% W+ a& R2 j2 ZCAPP 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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3 O! d: t6 T7 \* T5 y, ?"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.7 l# M& Z6 p) C! b; r Y+ d
& J( }6 ?8 l" q# i"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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