OTTAWA, ONTARIO–(Marketwired – Nov. 21, 2013) – The Honourable Joe Oliver, Canada’s Minister of Natural Resources, today issued a statement following the release of the National Energy Board’s (NEB) Canada’s Energy Future 2013: Energy Supply and Demand Projections to 2035 report.
“Today’s report underscores Canada’s position as a secure and reliable source of energy for global markets. The National Energy Board predicts that Canadian energy production will grow substantially over the next 22 years, with crude oil production projected to increase by 75 percent and natural gas production by 25 percent.
“Meanwhile, Canadians’ energy use will grow at a slower pace than the historical trend. As the growth of energy production outpaces domestic energy use, more energy will be available for export. Our government will continue to work hard to seize this opportunity by opening new markets for our natural resources.
“Today’s report complements the International Energy Agency’s (IEA) recently released World Energy Outlook 2013, which found that global demand for oil will continue to grow, reaching 101 million barrels per day by 2035. Much of this demand will be met by unconventional oil production. With the world’s third-largest proven oil reserves and increasing production, Canada is well-placed to meet growing demand in new markets such as China and India.
“Canada’s leadership in advancing energy efficiency will continue to generate results. The NEB notes that energy efficiency will continue to improve in Canada and slow the rate of energy demand, resulting in a 20 percent decrease in energy use per unit of output by 2035. Energy demand related to passenger travel will continue to decline over the projection period, principally due to passenger vehicle fuel efficiency standards introduced by our government.
“Canada’s non-hydro renewable electricity capacity will double by 2035. Furthermore, coal-fired generation capacity will decline, largely as a result of Canada’s global leadership in supporting energy innovation and phasing out traditional coal-fired electricity. Our government will encourage the development of further efficiencies and clean energy technology. We will ensure that Canada continues to demonstrate leadership in the global energy marketplace.”