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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.; W8 N1 d# M: z- j$ X
" g2 i! m6 m% f9 x, IThe 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.% f7 g2 t2 P9 A8 l6 S2 a" T4 l
4 U7 {+ x; i# l) s& dCAPP 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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* A+ X1 N3 Z: |1 f- ~"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."9 K6 T) E- E: C, _
- \6 ?/ X% ]5 F% ~CAPP sees no need for more pipe-line capacity in the decade ahead.8 F2 b( U9 a9 V4 ~2 O4 R
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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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