The Canadian Association of Petroleum Producers (CAPP) has reported that Canada’s total oil production will rise by one third by 2035.
CAPP stated in a new report that the country’s total oil production will increase to 5.6mn barrels per day, which will be an increase of 33% over 2017 levels. According to CBC, CAPP president Tim McMillan said following his presentation at the Global Petroleum Show in Calgary on Tuesday: “We don’t build freeways for traffic jams, we buld them to have an efficient flow of traffic. We should be looking at how do we reach the most profitable markets in the most efficient way possible and build the infrastructure to meet that need.”
The report stated Western Canada production will account for about 95% and that the rise in Canadian totals will be driven by increased oilsands production, from 2.7mn barrels per day to 4.2mn barrels per day.
The report has also advised that the country will need to become more competitive in order to make the most of this production by trading with new markets.
The report states: “Canada needs to improve its competitiveness and get pipelines built if it wants to transport an additional 1.5mn barrels per day of oilsands production growth by 2035 to new emerging markets. A lack of competitiveness continues to be one of Canada’s biggest impedements when it comes to foreign investment.”