By Amanda Stephenson and Arathy Somasekhar
CALGARY, Aug 18 (Reuters) - Canadian pipeline firms are proposing billions of dollars in new projects despite oil sands companies being reluctant to commit to significant production expansions amid ongoing uncertainty around climate policies and long-term global demand.
At least six different pipeline projects are underway or proposed in Canada, to move oil to the United States or to export markets on the Pacific coast. If all are built, the country's export pipeline capacity would increase by 45%, or 2.25 million barrels per day, by 2035, according to a Reuters calculation.
But filling all those pipes would require Canadian oil supply to increase by more than a third by 2034, a near-doubling of its current annual average growth rate. It would also require Canadian producers to move ahead with major new oil sands projects of the type that no company has undertaken in more than a decade.
The mismatch between proposed export pipeline expansions and the pace of output growth highlights how Canada may struggle to achieve Prime Minister Mark Carney's "energy superpower" ambitions, despite a more supportive regulatory environment and growing interest in Canadian oil from international buyers.
#canadian #despite #expansions
CALGARY, Aug 18 (Reuters) - Canadian pipeline firms are proposing billions of dollars in new projects despite oil sands companies being reluctant to commit to significant production expansions amid ongoing uncertainty around climate policies and long-term global demand.
At least six different pipeline projects are underway or proposed in Canada, to move oil to the United States or to export markets on the Pacific coast. If all are built, the country's export pipeline capacity would increase by 45%, or 2.25 million barrels per day, by 2035, according to a Reuters calculation.
But filling all those pipes would require Canadian oil supply to increase by more than a third by 2034, a near-doubling of its current annual average growth rate. It would also require Canadian producers to move ahead with major new oil sands projects of the type that no company has undertaken in more than a decade.
The mismatch between proposed export pipeline expansions and the pace of output growth highlights how Canada may struggle to achieve Prime Minister Mark Carney's "energy superpower" ambitions, despite a more supportive regulatory environment and growing interest in Canadian oil from international buyers.
#canadian #despite #expansions
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