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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." g0 A" i; b4 q) K0 A) o
- c( T* N$ s; c! @" ?- x( NThe production and market outlook paints two scenarios.
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" L6 D' I2 r, |5 l% |8 c0 L1 eUnder 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.
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3 c' N( F6 r; k4 x4 e- |! UCAPP 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.. c" ~) M5 o/ v+ b
) }) ~4 k9 y, z: l"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."
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' \# g5 r/ l8 L/ N0 q6 ECAPP sees no need for more pipe-line capacity in the decade ahead.1 d0 `. M+ ?# I
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"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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