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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' q& c) o x- a
/ H& x* c$ S" fThe production and market outlook paints two scenarios.
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" x0 p, E. K" e; `; u& t# C" i- I) tUnder 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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% d6 A" n( G8 l" V9 E- Y- yCAPP 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. a+ O+ W9 f% P& C8 X
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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."- m% U7 l6 i4 R4 ]) B" f6 E/ R0 ^
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CAPP sees no need for more pipe-line capacity in the decade ahead.( Q% a& k1 w+ J; u4 Q$ A
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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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