Canadian oil production to double by 2030, industry predicts

Canadas oil industry predicted Tuesday that domestic crude oil production will more than double to 6.2 million barrels a day by 2030 from three million a day in 2011.

New technology to open previously inaccessible reservoirs is creating resurging growth in Western Canadian conventional oil production, according to the Canadian Association of Petroleum Producers 2012 outlook.

Along with new oilsands investments, said CAPP vice president Greg Stringham, "this forecast growth will put Canada in the top three or four oil producers in the world."

"It's good news for all Canadians because responsible development of this secure, reliable energy source creates jobs across Canada, increased revenue for governments through higher royalty and tax payments, and additional investment in a wide range of businesses throughout the country," Stringham said.

The growing supply, CAPP said, is aimed at markets in Eastern Canada, which currently imports more than half its oil from offshore foreign suppliers, as well as traditional and new markets in the United States and growing markets in Asia.