By JUDY McKINNON
Canadian crude oil production will more than double by 2030,
and while oil sands will continue to account for most of the
growth, a resurgence of conventional crude oil production is
expected, the Canadian Association of Petroleum Producers said
In its annual long-term forecast for Canadian crude
production, the industry trade group said crude oil production
will reach 6.7 million bpd by 2030, up from 3.2 million
bpd in 2012.
CAPP said its forecast includes oil-sands production of 5.2
million bpd by 2030, up from 1.8 million last year.
The group said the overall trend is similar to its forecast
last year, but noted that conventional production forecasts are
up 300,000 bpd and oil-sands production is up by
200,000 bpd by 2030.
CAPP said advancements in drilling technologies have helped
reverse the decline in conventional production over the last
"Stronger performance for conventional tight oil in Canada
and the United States, coupled with oil sands growth from
Canada, enables greater North American energy security," Greg
Stringham, CAPP vice-president, markets and oil sands, said in
Still, the group acknowledged that its outlook assumes
transportation capacity expands to accommodate the projected increases in supply.
Canadian crude sells at a discount to other oils, given the
relative difficulties of getting it out of the country.
There are a number of proposed pipeline projects in the works and seeking
approvals to move landlocked western-Canadian supply to
markets. Producers are also increasingly looking to rail
Dow Jones Newswires