By OGJ editors
HOUSTON, July 20 -- Total Canadian crude oil production, led by output from Alberta's 175 billion bbl oil sands, is projected to increase to 3.6 million b/d by 2015 from the current 2.6 million b/d, forecasts the Canadian Association of Petroleum Producers (CAPP) in its 2004 Canadian Crude Oil Production and Supply Forecast.
The 1million b/d increase, representing a 40% increase over 2003 figures, will require additional pipeline capacity, CAPP added.
Oil sands production, which alone exceeded 1 million b/d in late 2003, is forecast to more than double by 2015 to 2.6 million b/d, offsetting a gradual decline in conventional oil production, which accounts for more than half of the country's current production. Investment spending for oil sands development is projected to surpass $30 billion (Can.) during the decade.
