Researchers predict 1 million barrels per day of oilsands growth by 2025
Posted Jun 27, 2016 2:37 pm.
This article is more than 5 years old.
A U.S. research organization says expansion of existing operations will see oilsands production rise over the next nine years to 3.4 million barrels a day from 2.4 million at present.
Kevin Birn, director for IHS Energy, says construction of new oilsands projects that started before the fall in oil prices in 2014 will add an additional 600,000 barrels a day of production by 2020.
He says the additional 400,000 barrels will come from growth over the next five years as companies focus on their most economic projects, primarily expansions of existing facilities.
Last week, the Canadian Association of Petroleum Producers predicted that Canadian oilsands production would grow to 3.7 million barrels a day by 2030.
A year earlier, CAPP had predicted growth to four million barrels by 2030 but it cut its forecast this year due to the prolonged period of low oil prices.
CAPP estimates that investment by producers in the oilsands will fall to $17 billion this year from $23 billion in 2015 and $34 billion in 2014. It says the oil price crunch has resulted in the loss of 110,000 direct and indirect industry jobs in Canada.
