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Canada's oil output to grow 28 pct to 4.9 mln bpd by 2030 - report

Published 2016-06-23, 08:28 a/m
© Reuters. Canada's oil output to grow 28 pct to 4.9 mln bpd by 2030 - report

June 23 (Reuters) - Canadian oil production will grow by 28
percent to hit 4.9 million barrels per day (bpd) by 2030, the
Canadian Association of Petroleum Producers said in its annual
report.
The estimate is lower than CAPP's previous forecast of 5.3
million bpd by 2030, and comes amid a two-year rout in global
oil prices that continue to hammer Canadian oil companies, which
have slashed billions in capital expenditures.
Production from Alberta's oil sands, the world's
third-largest crude reserves and No. 1 source of U.S. oil
imports, will hit 3.7 million bpd by 2030, the industry group
said on Thursday.
CAPP expects conventional oil production in Western Canada,
including condensates, to fall to 1.1 million bpd by 2018 from
1.3 million bpd in 2015 and is expected to remain relatively
stable to 2030.

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