CAPP forecasts growing oil sands production
The Canadian Association of Petroleum Producers expects Canadian crude oil production, including oil sands, to reach 3-3.3 million b/d by 2015.
By OGJ editors
HOUSTON, June 16 -- The Canadian Association of Petroleum Producers expects Canadian crude oil production, including oil sands, to reach 3-3.3 million b/d by 2015.
"CAPP's production forecast indicates that even with delays due to current economic circumstances, oil sands production is expected to grow, although the pace of development has slowed," said Greg Stringham, CAPP's vice-president, markets and oil sands.
Oil sands production is expected to reach 1.9-2.2 million b/d by 2015, the forecast said.
CAPP’s latest forecast provides a growth case as well as an operating and in-construction case. The growth case expects total oil production will reach 3.3 million b/d by 2015, 4 million b/d by 2020, and 4.2 million b/d by 2025.
The operating and in-construction case represents minimum growth. It expects total oil production will reach 3 million b/d by 2015 and then decline gradually to 2.8 million b/d through 2025 due to reduced conventional production.
Pipeline developments now under way is expected to provide ample transportation capacity to meet long-term demand, CAPP said.