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Alberta's oilsands could push Canada's oil production to more than 4.2 million barrels a day by 2025, compared with 2.7 million bpd currently, if the investment climate improves over time, said the Canadian Association of Petroleum Producers in a forecast released Friday.0 q9 H6 O8 r7 c9 U1 b7 J Q
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The production and market outlook paints two scenarios.8 O9 R0 z, m. d% D1 K5 A
) X7 G5 A! K) ^! Y' y& N7 dUnder a conservative approach, which includes projects operating or under construction, Canadian crude oil output would rise to just 2.8 million bpd by 2025, with the oilsands replacing declining conventional production.! u# f: t; D/ `7 H: ?, m& n- {
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CAPP sees oilsands output increasing to two million bpd under its conservative approach, compared with 3.3 million bpd under its growth scenario, which assumes an improving economic market.
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& k$ y# h# S$ E) X"CAPP's production forecast indicates that even with delays due to current economic circumstances, oilsands production is expected to grow, although the pace of development has slowed," said Greg Stringham, vice-president for markets and oilsands. "Producers expect continued demand for the security of supply that crude oil from Canada provides to the North American energy market."5 x" v! H# o4 j( s; v% o
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CAPP sees no need for more pipe-line capacity in the decade ahead.
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1 Y* n) e- Z" n9 ^: L( V6 S+ J, E"In terms of pipeline capacity to meet market expectations, this year's outlook indicates that the significant pipeline development now under-way will amply connect forecasted production to long-term demand in the North American energy market," Stringham said |
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