Canada forecasts on crude oil production

15-07-04

Canadian crude oil production should reach 3.6 mm bpd by 2015, up from its current 2.6 mm bpd, boosted by Alberta's oilsands, according to a forecast by the Canadian Association of Petroleum Producers.

The industry organization said that oilsands production alone, which topped 1 mm bpd in 2003, is forecast to more than double by 2015 to almost 2.6 mm bpd.

The association said the lifespan of Canada's conventional oil resources continues to be extended from earlier forecasts through advances in technology, but there has been a gradual overall decline since the late 1990s.

"This shift in the source of production means that by 2015 approximately three out of every four barrels of oil produced in Canada will come from oilsands," the association said.

The forecast growth in production in Western Canada is expected to exceed the existing pipeline capacity, in the next few years.

The association said additional supplies will require construction of new pipeline capacity to ensure westernCanadian crude oil supplies can be carried to markets in Canada, the US and around the world.

Source: The Canadian Press