OTTAWA -(Dow Jones)- Forecasts for Canada's crude oil output have been scaled back again, as the wave of oil sands project delays cut into already reduced industry estimates.
The Canadian Association of Petroleum Producers now expects the country's oil production to near 3.6 million barrels a day in 2015, down around 300,000 barrels a day from its annual forecast made in June.
Plummeting crude prices and the financial market turmoil have prompted a number of delays to proposed developments in Alberta's costly oil sands, which house the biggest crude reserves outside North America.
"There's relatively little change from our summer report through 2012, but there's a significant drop in 2012-2015," said CAPP's Greg Stringham, vice president of markets and fiscal policy.
Petro-Canada (PCZ) and other oil sands developers have delayed major project decisions in an effort to husband cash after crude prices slumped 70% from July's record highs of near $150 a barrel. Many of these developments were due to start up in 2012 and beyond.
However, most companies are maintaining or even boosting oil and gas output over 2009 despite spending cuts. CAPP's revisions here are a "minor" 80,000 barrels a day, or "a little less than we were anticipating."
In June, CAPP cut 260,000 barrels a day off its 2015 production outlook versus the previous year's forecasts. It also reduced oil sands estimates by 180,000 barrels a day, to 2.77 million barrels a day.
CAPP represents more than 95% of Canada's upstream oil and gas industry.
-By Hyun Young Lee, Dow Jones Newswires; 613-237-0669; hyunyoung.lee@dowjones.com
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Publié le 11 Décembre 2008 Copyright © 2008 Dowjones