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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.! g) \4 C4 \% U& y$ f
! Z, l; |: ]# mThe production and market outlook paints two scenarios.
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" J( Z( C7 g5 m- I9 YUnder 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.2 @: C i' t2 k- F7 f* L
5 g' z3 p q6 Z/ RCAPP 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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"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."% Q' C9 Q2 Z* p5 }& L" q9 \3 i. ^
; t+ ?+ Y5 x1 |5 X& B2 X9 w3 E6 y, d# g2 vCAPP sees no need for more pipe-line capacity in the decade ahead. D5 X+ d4 C* s2 y. Z
+ Z+ A8 Z3 X, n0 Z( _' h% e5 W"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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