May 19, 2006
Production of Canadian crude to nearly double by 2020
Calgary, Alberta – Canadian crude oil production is set to nearly double by 2020 due to increased oil sands production, according to the annual Crude Oil Forecast released by the Canadian Association of Petroleum Producers (CAPP).
Total Canadian oil production is projected to increase from 2.5 million barrels per day (bpd) in 2005 to 4.6 million bpd by 2015, an increase of 750,000 bpd over CAPP’s 2005 forecast. By 2020, total Canadian production is forecast to nearly 4.9 million bpd.
Oil sands production, which now exceeds one million bpd, is forecast to reach 3.5 million bpd by 2015 and 4.0 million by 2020. This will account for more than 80 per cent of Canadian production, up from the 45 per cent it held in 2005.