Canadian oil set to boom – 30 years from now

There’s good news for Canada’s beleaguered oil and gas sector – but don’t expect it anytime soon.

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, according to the Energy Information Administration’s yearly International Energy Outlook.

While the percentage share of primary energy consumption from petroleum is slated to decline from 32 per cent to 27 per cent by 2050, on an absolute basis consumption will increase in industrial, commercial and transportation.

Natural gas production is slated to grow too, reaching 6.8 Tcf in 2050, a nearly 20 per cent increase.

To read the entire report, click here.