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Oil sands to drive big jump in Canadian oil output
June 5, 2012 / 2:51 PM / 5 years ago

Oil sands to drive big jump in Canadian oil output

CALGARY, Alberta, June 5 (Reuters) - Canadian oil production is expected to jump by 57 percent to 4.7 million barrels per day by the end of the decade, as more money gets poured into oil sands projects and conventional oil prospects experience a resurgence, the industry’s main lobby group said on Tuesday.

In its annual forecast, the Canadian Association of Petroleum Producers said oil sands output is on track to double from current levels to 3.1 million bpd by 2020, an increase of 100,000 bpd from last year’s forecast.

Overall Canadian oil production is projected to increase to 5.6 mln bpd by 2025 and 6.2 mln by 2030, CAPP said. (Reporting by Jeffrey Jones; Editing by Marguerita Choy)

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