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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 J& U& e! ~$ d2 q" t+ B( @" Z4 e
4 U$ R6 ?1 u4 n1 FThe production and market outlook paints two scenarios. e( v, W0 _" V! u# E# G$ P" p
! M9 e; g9 s. o9 y# KUnder 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.' B& r; X: ^6 g+ Z5 ]* s5 c, |# I
, Y' _4 T+ E" p; f& CCAPP 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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"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."8 }3 T, V5 c' m9 h1 F
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CAPP sees no need for more pipe-line capacity in the decade ahead.
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v' S& @; h2 @# A"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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