Oil production should grow 33 per cent in Canada by 2030, despite lower oilsands spending

Crude oil production is projected to increase to 5.12 million barrels per day by 2030 — up from 2.4 million bpd in 2016 — as forecast by the Canadian Association of Petroleum Producers. This is despite reduced spending on the oil sands by petroleum producers of only $15 billion, versus spending in 2014 of $34 billion. The growth also flies in the face of pipeline “constraints” and competition.


Engineered Design Insider Petrol increasesOil Gas Automotive Aerospace Industry Magazine


CAPP president Tim McMillan was clear about the obstacles: “We’re seeing increased capital moving south of the border to the U.S., as Canada’s competitive position is deteriorating relative to our largest customer, trading partner, and now competitor for energy markets.”

CAPP expects another decrease in spending in the oil sands, but at the same time revised up the forecast for conventional oil production in Western Canada, expecting an increase of 100,000 barrels per day on an expected rebound. In Eastern Canada, another 100,000 bpd is expected, particularly after a $2.2 billion dollar deal with Husky Energy on the West White Rose offshore project.


Engineered Design Insider Oil barrels increase in productionOil Gas Automotive Aerospace Industry Magazine




Did you miss this?

Other Popular Stories

  • Toyota celebrating 50 years in Canada with Special Edition Corolla S
  • No fracking for now in Nova Scotia
  • Resource-based provinces lead in wage gains
  • GM investing $250 million at Ingersoll plant
  • Powering the Future through Protonic Ceramic Fuel Cells?
  • Volvo to Expand Production of XC40 SUV in Europe and China
  • Manufacturers and employers win with new Labour rules in Ontario; jobs did increase 17,600 in January 2019
  • Breakthrough system uses ozone, UV light to remove indoor air pollution
  • Exports, innovation key to small business success: CIBC
  • Publication aimed at development CEOs names Ontario best investment location in Canada
  • Slower growth, need for new markets challenge Canada's oil producers
  • Space X Mars plans become feasible: Elon Musk's multi-planet species goal may yet launch
  • Engineers Develop a Way to Recycle Single Wear PPE Facemasks into Road Materials
  • Industry-academic R&D cooperation to boost Ontario's aerospace sector
  • Japanese claim breakthrough in hydrogen storage technology
  • Financial services fastest growing industry in Canada for exports: Conference Board of Canada
  • How Greener Grids Can Stay Lit
  • BC refinery close to financing deal
  • SNC-Lavalin-China agreement could expand market for CANDUs
  • Manufacturing output grew again in August
Scroll to Top