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    Exxon Outlook Predicts 24 Years of Growth for Canadian and Venezuelan Oilsands Production

    A recent article in the Financial Post discusses Exxon Mobil Corp’s (Exxon) positive prediction for bitumen production for the next few decades.

    Imperial Oil's Kearl Oilsands Project. Courtesy: Imperial Oil
    Imperial Oil’s Kearl Oilsands Project. Courtesy: Imperial Oil

    In the company’s latest annual outlook, Exxon suggested that over the next 24 years, oilsands production from Canada and Venezuela will ‘quadruple’ to nine million bpd. The outlook stated that “a significant shift is foreseen in North America, which is poised to emerge as a net liquids exporter due to projected strong growth in tight oil, oilsands and NGLs (natural gas liquids).”

    The outlook notes that rising “rising global population and economic growth in emerging markets will lead to a 35 per cent surge in global energy demand,” and despite recent pledges in Paris to reduce fossil fuel consumption and GHG emissions, energy produced from hydrocarbons will be required to meet growing global energy needs.

    To read the full article in the Financial Post, click here.


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