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

  • Armoured vehicles an important niche in Ontario's auto industry
  • Skilled labour shortage in world oil industry: report
  • GPS III set to launch December 18: U.S. Air Force to launch via Space X Falcon 9 paylod; will be harder to jam, more secure and accurate
  • New York's ban on fracking gives hope to other opponents
  • English-French partners show all-electric aircraft at Paris Air Show
  • Interstellar Mission to Commemorate 100th Anniversary of Moon Landing
  • Vancouver shipyard awarded $3.3 billion to build Coast Guard ships
  • New wind farm approved near Lake Huron shore
  • Lead-free plumbing requirements affect valve selection for water systems
  • Nexen Energy Expansion Announced
  • 2018 Oil Price Forecasts
  • Audit pans government's climate change progress
  • Cars and aerospace boosted Canada's manufacturing sales in November
  • Japan setting records for new solar power installations
  • Toyota investment in Ontario brings new technologies, keeps jobs
  • Touchless computer control from Waterloo tech company an early success
  • 3D printing, or additive manufacturing, becoming more mainstream across many manufacturing sectors
  • NASA learns from the birds for the next generation in “Smart” dynamic wing design
  • Talk of recovery in Canada's oilpatch as Encana posts better than expected earnings
  • Cars and oil pulled Canada's manufacturing down in September
Scroll to Top