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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.
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1 i0 X8 B) w# G0 y/ V* bThe production and market outlook paints two scenarios.# c- u2 u. L/ W0 Y/ @
, M* S. w9 P0 n' n9 K; E/ ZUnder 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.- K5 ]- q4 S7 K1 E3 ^: K3 _/ M
$ R. Q/ d% i1 t3 V" V$ I4 ]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.& t, ]6 ?# @ W( H; q% R
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"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."( }8 B+ a# Z7 r! F
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CAPP sees no need for more pipe-line capacity in the decade ahead.
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# \7 ~! a0 q: w/ [, {/ F% q"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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