A true bonanza in the oilpatch

Canada’s oil production will rise to at least 3.3 million barrels a day by 2010, according to CAPP estimates, from 2.6 million now coming out of the ground. Production from the oilsands is expected to double to two million barrels, while conventional production is seen to stay flat at one million barrels from Western Canada and decline to about 250,000 from Newfoundland’s offshore.

The jump will lift Canada from the ninth largest oil producer in the world to seventh, after Saudi Arabia, Russia, the United States, Iran, China and Mexico, and ahead of Norway and Venezuela. Five years after that, in 2015, Canada is expected to rise further to fourth spot, moving ahead of Iran, China and Mexico, as oilsands volumes expand to an estimated three million barrels a day.

NationalPost