The Canadian Association of Petroleum Producers’ latest forecast shows oil sands output will more than double to 3.1 million barrels per day (bpd) in 2020, from 1.6 million bpd in 2011. By 2025, production from the oil sands will soar to 4.2 million bpd by 2025 and cross the five million bpd mark by 2030.
“If the only projects to proceed were the ones in operation or currently under construction, oil sands production would still increase by 54% to 2.5 million bpd by 2020 and then remain relatively flat for the rest of the forecast,” CAPP said in its 2012 annual forecast. The association estimates the country’s overall crude production to reach 6.24 million bpd by 2030.
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