July 21, 2005
Canada boosts ten-year total crude forecast
Calgary, Alberta – A new report released by the Canadian Association of Petroleum Producers (CAPP) projects a 50 per cent total increase in Canadian crude oil production from 2.6 million barrels per day (mbpd) in 2004 to 3.9 mbpd by 2015.
The new 2005 Canadian Crude Oil Production and Supply Forecast reflects a total increase in output of 11 per cent from last year’s forecast of 3.5 mbpd. The increase was driven by an increase in projected oil sands production, as well as slower decline in conventional production than previously thought. Canada is currently one of the top oil exporters to the U.S., along with Mexico. Tens of billions of dollars are being put into oil sands development, and a number of new oil sands projects are due during the next ten years.