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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% S/ u m! ^8 e. i" _
3 w5 u# J1 s: V$ l- x3 s# `The production and market outlook paints two scenarios. n+ n, O2 E& z$ {
6 k; O+ |. e' q3 LUnder 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.+ \" C s. _# f" {( A* b
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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. ]) A& i% o& S* [9 J) K9 d7 Z
7 N( T- I/ M3 n8 s8 R"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."( Y6 v, f% I9 u+ ]3 x
! [/ X- _* J. D( g3 |! r5 cCAPP sees no need for more pipe-line capacity in the decade ahead.
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3 s. W8 b+ p; k1 U* Y4 B% n"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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