The Canadian Association of Petroleum Producers (CAPP) predicts that domestic oil production will increase to 5.6 million barrels per day by 2035.
CAPP anticipates that an additional 1.4 million barrels will be produced per day in Canada within 17 years.
This growth will be mainly driven by a 58% increase in oil sands oil extractions.
The production of unconventional oil was 2.65 million barrels per day in 2017. It will increase to 4.2 million barrels per day by 2035, the Association believes.
Traditional oil production is expected to remain stable in western Canada, while it will decline significantly in the Maritimes to 70,000 barrels per day by 2025.
But “Canada’s competitiveness deficit continues to be its biggest hurdle in attracting foreign investors,” said Tim McMillan, President and CEO of CAPP.
The Association is also concerned that this growth may be hampered by oil capacity limitations. She reiterated the “urgent need” to expand the existing pipeline network to new markets and allow Canada to remain competitive as an international oil producer.
Diane Elliot is a seasoned journalist with nearly 12 years experience. While studying journalism at University of Southern California, Diane found a passion for finding engaging stories. As a contributor to Coastal Morning Star, Diane mostly covers human interest pieces.