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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.4 d; {( O8 g2 G. X' {2 r0 a
4 M( T( J+ k4 F; rThe production and market outlook paints two scenarios.% Z! b, a7 B: Z
9 G) v5 B2 P" j% W2 I' xUnder 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.- y% M# h" z& i; N- G
/ P2 }& f( x! U! k2 J7 o1 G' tCAPP 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.9 \0 D- V& O9 c& f
p4 Y3 k# j( J8 Q2 I0 M"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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& g. _7 v* q- R' \1 [CAPP sees no need for more pipe-line capacity in the decade ahead.( e) W2 F" b0 z" O% D
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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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