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.



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.





Did you miss this?

Other Popular Stories

  • Ford’s 347 kph GT: World's fastest supercar a testbed for new automotive technology
  • Oxygen from moondust? The European Space Agency is working on an "breathable air" plants for moon bases
  • Vanadium dioxide (VO2) metal conducts electricity — with ten times less heat
  • Solar researchers closing in on 50 per cent PV efficiency
  • Scientists control superconductivity using spin currents
  • Volvo to Expand Production of XC40 SUV in Europe and China
  • Irving Shipbuilding wins $2.3 billion icebreaker contract with navy
  • News of extra jobs tempered by caution in Ontario auto sector
  • Canada's oil and gas industry gathering in Toronto for two-day forum
  • Australian researchers claim new efficiency record for solar cells
  • Toronto Hydro testing underwater energy storage system for backup power
  • English-French partners show all-electric aircraft at Paris Air Show
  • Too much wind-power may warm the environment more than oil or coal — at least in the short term. Harvard research suggests cautious planning needed
  • World's building industry told to decarbonize, cut emissions drastically
  • Renault's autonomous float hover car by Yunchen Chai may be the automobile of the future — winner of a design competition from Renault
  • Windsor auto industry growing, needs skilled workers: report
  • Renewables poised for big growth in short term: IEA
  • Hypersonic travel may become practical with new heat-resistant ceramic carbide material
  • Concept car from Terrafugia has vertical takeoff and landing
  • World's largest offshore wind turbines would mimic palm trees to withstand winds
Scroll to Top