CAPP sees Canadian crude oil production more than doubling by 2030

CALGARY – The Canadian Association of Petroleum Producers expects Canada’s crude oil production to more than double by 2030, despite uncertainty around new pipelines to bring that product to market.

The oil and gas industry industry group says it expects the country’s crude oil ouput to hit 6.7 million barrels per day by 2030, up from 3.2 million barrels last year.

Of that, 5.2 million barrels are expected to come from the oilsands in 2030, compared to 1.8 million barrels production in 2012.

A key difference from last year’s forecast is a 500,000-barrel increase in total production.

Conventional oil production is also growing but not as rapidly as the oilsands.

CAPP expects output of conventional crude — with the help of hydraulic fracturing technology — to grow to to 1.4 million barrels per day from 1.2 million barrels.