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Output from Canada`s oil sands could rise to as much as 6.3 million barrels a day by 2035, a nearly fivefold increase above current levels, according to a landmark study released yesterday.
It was one of the findings by energy consultancy IHS Cambridge Energy Research Associates (CERA) in a study called Growth in the Canadian Oil Sands: Finding a New Balance.
The study, which took eight months to research and was produced in consultation with many different stakeholders, looks at how the oil sands have morphed "from the fringe to the centre" of global energy supply and the resulting economic and environmental implications.
"The length and depth of the current economic recession, the pace of technological innovation as well as government regulation, particularly in addressing concerns about climate change, will all shape the growth of oil sands," said Daniel Yergin, chairman of Cambridge, Mass.-based IHS CERA.
To reach the theoretical level of 6.3 million barrels a day, the study assumes strong economic growth and robust oil prices over the long term. If the global economy stagnates and oil prices remain weak, it is projecting daily production of 2.3 million barrels a day by 2035.
That is still about one million barrels a day above current levels.
The numbers show just how important Canada`s oil will become to the United States, as the study predicts that Canada would account for 37% of U. S. oil imports if production is ramped up to 6.3 million barrels a day. It was just 19% in 2008, CERA said.
Read the full article here.
It was one of the findings by energy consultancy IHS Cambridge Energy Research Associates (CERA) in a study called Growth in the Canadian Oil Sands: Finding a New Balance.
The study, which took eight months to research and was produced in consultation with many different stakeholders, looks at how the oil sands have morphed "from the fringe to the centre" of global energy supply and the resulting economic and environmental implications.
"The length and depth of the current economic recession, the pace of technological innovation as well as government regulation, particularly in addressing concerns about climate change, will all shape the growth of oil sands," said Daniel Yergin, chairman of Cambridge, Mass.-based IHS CERA.
To reach the theoretical level of 6.3 million barrels a day, the study assumes strong economic growth and robust oil prices over the long term. If the global economy stagnates and oil prices remain weak, it is projecting daily production of 2.3 million barrels a day by 2035.
That is still about one million barrels a day above current levels.
The numbers show just how important Canada`s oil will become to the United States, as the study predicts that Canada would account for 37% of U. S. oil imports if production is ramped up to 6.3 million barrels a day. It was just 19% in 2008, CERA said.
Read the full article here.