According to the Canadian Association of Petroleum Producers (CAPP), an expectancy for a rise of oil production to an overwhelming 33% is well anticipated by 2030, in spite of the fact that competitions for investment and pipeline restrictions may diminish future expansion.
The Canadian crude oil production is projected to attain 5.12 million barrels daily by 2030, which is far superior to the prognoses made the previous year in which an output hit of 4.93 million barrels daily was projected. The CAPP president Tim McMillan postulated a stable growth of crude oil supply 5% annually up to 2020, then and there drop to a 2% growth. This is due to the fact that majority of oil sands project are seeing their completion and novice investments are being blurred by the qualms of the market.
Currently at this stage, with minimal or no novelties in projects sprouting, the oil sand production prognostication is without any shadow of doubt, in line with the expectations of 3.7 million barrels per day by 2030, which is an upgrade from 2.4 million barrels per day in 2016. However, the CAPP made a comprehensive review on the long-term forecast for western Canada production by 100,000 barrels a day with a comeback of 70% to be obtained by means of drilling activity this year compared to last.
Equally, the same numbers of barrels were witnessed in eastern Canada, which is 100,000 barrels per day.
The CAPP president, McMillan reechoed that the capacity of the constrained pipeline, serves as restriction for investment in the future and its extreme significance in gaining access to fast expanding markets like china and India. Consequently, it is of furthermost prominence that Canada delivers its products to the open market, in that way empowering Canada to be a genuine and reliable supplier in expanding markets all over the world.
J C Loum