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Official Canada has plenty of natural resources for its energy demands

Nov. 22, 2013 at 7:31 AM   |   Comments

CALGARY, Alberta, Nov. 22 (UPI) -- Canada has abundant natural resources to meet its energy needs in the years ahead, said Gaetan Caron, chairman of the Canadian National Energy Board.

"Canada has vast energy resources, more than enough to meet Canada's growing energy demand," Caron said Thursday as the NEB released its report on demand projections to 2035.

The NEB said domestic energy production will exceed demand, ensuring adequate energy supplies for more than 20 years.

The energy board's report said Canadian oil production by 2035 should reach 5.8 million barrels per day, 75 percent higher than production levels in 2012. The board, the sector's regulatory agency, said oil sands production is the main contributor to expected production growth.

Oil sands are controversial -- seen as more carbon-intensive to produce than other grades.

Natural gas production in Canada follows the pattern expected from oil. Marketable natural gas, the volume of gas that can be sold to the market, declines to 2018 but increases through 2035 as Canadian liquefied natural gas terminals come online for exports.

Canada relies almost exclusively on the United States for energy exports. Canadian Prime Minister Stephen Harper has courted Asian and European investors in order to add diversity to the Canadian energy market.

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