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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.$ u& j9 ]3 z6 G' N: I
! I; s$ O/ {6 r, I4 `2 `% CThe production and market outlook paints two scenarios.
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Under 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.4 a% o0 V( B$ b4 I3 ~
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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.9 Q) n/ B- C; o' J" P, T
% F _: e4 j/ ^! K; L4 h"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."7 `* t8 m* h7 f
/ S- Q5 Y; ]' F3 Q! } ICAPP sees no need for more pipe-line capacity in the decade ahead.7 J! a# |+ c- E: t( q
4 o4 z1 }1 j1 x3 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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