Canada's oil sands will produce 3.8 million barrels per day (bpd) by 2030, a 15% increase from current levels, as companies focus on investing in optimizing ...
- Canada 's oil sands will produce 3.8 million barrels per day by 2030, a 15% increase from current levels, as companies focus on investing in optimizing existing projects and making them more efficient, a report from S&P Global Commodity Insights said on Thursday.Oil sands production has increased 1.3 million bpd over the past decade and currently stands at 3.3 million bpd.
S&P Global's new projection that oil sands output will reach 3.8 million bpd by 2030 is 100,000 bpd higher than its previous growth forecast.Canada is the world's fourth-largest oil producer, with around two-thirds of its 4.9 million bpd of output coming from northern Alberta's oil sands.
As Canada's oil industry celebrates the start of the Trans Mountain pipeline expansion , some company executives and analysts are already warning that long-term production growth plans will depend on new takeaway capacity becoming available. TMX, which started commercial operations last week after years of delays, will ship an extra 590,0000 barrels per day of oil from Alberta to the Pacific Coast.
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