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Fuel card news: Canadian oil output 'set to increase'

11 June, 10
Oil production in Canada is set for a huge rise over the next few years, research carried out by the Canadian Association of Petroleum Producers (CAPP) has claimed.

In its long-range forecast for 2010 to 2025, the organisation suggested the recent global economic slump had hindered the progress of the country's oil industry, but hinted that new oilsands schemes will yield large quantities of the commodity.

According to the Calgary Herald, CAPP said in the document: "This improved outlook for the industry coincides with the new investments in oilsands projects by major Chinese companies."

Investment in oilsands in the Alberta province is set to reach C$13 billion (£8.58 billion) this year and both China Investment Corp and Asian energy giant Sinopec have entered into partnerships with Canadian firms.

The news came after BP revealed output fell last year, with proven oil reserves in Mexico, Norway, Russia and Vietnam also on the decline.

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Posted by Nick JenkinsADNFCR-2675-ID-19832157-ADNFCR

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Fuel card news: Canadian oil output 'set to increase'