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

  • Mining association head warns governments to keep hands off
  • TESS SpaceX Launch
  • Canada-US trade as it should be, but diversification desirable: report
  • Aerospace industry poised for growth: report
  • Ottawa medical device company receives government support to expand production
  • Space X Mars plans become feasible: Elon Musk's multi-planet species goal may yet launch
  • Slower growth, need for new markets challenge Canada's oil producers
  • Economy outperforms in January; manufacturing leads broad-based growth
  • Aerospace in Ontario: More than 200 aerospace companies, 21,000 skilled employees and half of the top 25 global firms
  • Offshore wind costs will fall significantly if development continues: study
  • Global car sales will set record this year: Scotiabank
  • Canadian Solar could earn $2.3 billion through acquisition of Recurrent Energy
  • Héroux-Devtek subsidiary to provide landing gear for Boeing 777
  • Lane-Changing Algorithm Improves Driverless Vehicle Performance
  • GM/Honda latest partners in search for affordable fuel cell car
  • Ontario Local Food Bill hailed by farm/food groups
  • Strength to build on, but Canada still lags in industrial R&D
  • IKEA to add EV charging stations at Canadian stores
  • Flying car maker looking for first orders for its sports car/gyrocopter PAL-V
  • Scientists make breakthrough in spinal cord injury movement
Scroll to Top