CAPP previous steady oilsands growth, but at slower pace than previous forecast

CALGARY – The Canadian Association of Petroleum Producers says oilsands production is expected to grow steadily in the years to come — but at a slower pace than previously forecast.

The oil and gas industry group says Canada’s total crude production is expected to grow to 6.4 million barrels per day by 2030 compared with a forecast for 6.7 million by that same time last year.

Canada produced 3.5 million barrels per day in 2013.

CAPP says oilsands production is now expected to hit 4.8 million barrels per day by 2030, compared with last year’s forecast for output to reach 5.2 million barrels per day in that time frame.

Actual oilsands production amounted to 1.9 million barrels per day last year.

CAPP says costs and capital availability are creating uncertainty over project timing toward the end of the forecast period.

Less than two weeks ago, Total E&P Canada put its Joslyn oilsands mine on hold indefinitely because the economics weren’t good enough to move ahead.