Alberta Oil Sands Output Seen Reaching 2.9M B/D in 2015

Canada’s oil production from oil sands will nearly triple to about 2.9 million barrels a day in 2015, from just more than 1 million b/d this year, according to a new forecast by FirstEnergy Capital Corp.

..”Given this 5% annual increase, the oil sands could double production every 15 years, even with no serious capital investment. Yet a thirsty world will not wait – production is declining in the U.S., in the North Sea, in China and in the conventional producing fields of Canada, and production gains have drastically slowed in Russia. Therefore we believe that production will grow much faster than 5% per year, driven by massive investment in the oil sands,” the analysts wrote, explaining why they consider their mid-case forecast more realistic.

Schlumberger