Report says Canadian oil output to hit new heights within two years
The Canadian PressGeneral Energy
Deloitte Canada analysis predicts Trans Mountain will boost production by 375k barrels a day.
CALGARY – A new report says the coming startup of the Trans Mountain pipeline will help boost Canadian oil production to an all-time high within the next two years.
The report by Deloitte Canada says the extra capacity created by the pipeline is expected to boost Canadian production by about 375,000 barrels a day over the next two years.
That’s more than the total amount of oil production added by the Canadian industry over the last five years, and represents an eight per cent increase from the previous production high set in November 2022.
The Trans Mountain pipeline is Canada’s only pipeline system transporting oil from Alberta to the West Coast.
Its expansion, which is currently underway, will boost the pipeline’s capacity to 890,000 barrels per day (bpd) from 300,000 bpd.
The Trans Mountain pipeline expansion is expected to be completed in early 2024.