EIA predicts the next Canadian Oil Boom – in 20 to 30 years

The Energy Information Administration (EIA) recently released their yearly International Energy Outlook.

The Highlights: 

• While the percentage share of primary energy consumption from petroleum is slated to decline from 32% to 27% by 2050, on an absolute basis consumption will increase in industrial, commercial and transportation.
• Canadian oil and condensate production is predicted to grow from 4.1 million bbls/d this year to 6.1 million bbls/d in 2040, then surge to 9.6 million bbls/d by 2050.
• Natural gas production is slated to grow too, reaching 6.8 Tcf in 2050, a nearly 20% increase.

– via EIA

But why?

The increase in petroleum production is mainly due to oil sands development, and is the effect of easily accessible global resources becoming more and more depleted. Oh, and also the predicted rise of oil prices, which the EIA predicts will be at a whopping $100/bbl for Brent oil. The full report can be found here.

Extracted from  EnergyMinute – Sign Up for their Newsletter

 

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