Ad Support : Nano Technology Netbook Technology News Computer Software
The emergence of several new players in Alberta’s oilsands will lift overall crude production between 2020 and 2025, a period that wasn’t expected to see any production gains in last year’s forecast, the Canadian Association of Petroleum Producers.
Oilsands production is expected to nearly triple by 2025.
Sinopec Corp. and PetroChina, both state-owned corporations, injected more than $2 billion into the flagging oilsands in 2009, buying stakes in Athabasca Oil Sands Corp.’ s and Total SA’s Northern Lights projects.
This year alone, investment in Alberta’s oilsands is expected to jump by $2 billion to $13 billion, up from $11 billion last year. More recently, China Investment Corp. invested $817 million in a project with Penn West Energy Trust, and Sinopec paid $4.65 billion US for a stake in Syncrude Canada, the largest oilsands operation in the world.
The full report of the 2010 Canadian Oil Forecast is here (40 pages)
Increased investment in the oilpatch has the association predicting Canada will be producing about 3.5 million barrels of bitumen per day, or 81 per cent of total crude production, by 2025 under its best case scenario.
Overall crude production is seen climbing to 3.88 million barrels per day by 2020, from 2.72 million barrels last year, and reaching 4.34 million barrels per day by 2025.
A more conservative outlook predicts production will stall at 3.2 million bpd in 2015, before falling back to 2.98 million bpd in 2025.
If you liked this article, please give it a quick review on Reddit, or StumbleUpon. Thanks
Supporting Advertising
Business Success
How to Make Money
Executive Jobs
Paid Surveys
Thank You
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.