High costs trim forecast for oil sands production
NORVAL SCOTT
November 16, 2007
CALGARY -- Output from Alberta's oil sands will grow more slowly than was predicted last year as spiralling costs deter investment in the vast but difficult resource, Canada's national energy regulator says.
The National Energy Board forecast in a report released yesterday that by 2015 Canada's total oil output will be 4.05 million barrels of crude a day, 61 per cent greater than it was in 2005.