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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.) ^7 ]1 B3 p _2 ?5 c7 c( ]
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The production and market outlook paints two scenarios.( s: ?7 T" K: S( L
( a( w/ `, i' X* C# @: SUnder 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.4 ]' C$ H$ J0 q* Y( P U
- \7 S# U ^7 f3 m0 C, D4 ]" {! e3 lCAPP 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/ \( H* H. z4 g/ l' G
6 j5 X$ ]8 r0 m1 n6 w5 }/ ~"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."
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CAPP sees no need for more pipe-line capacity in the decade ahead./ y3 ?9 |1 h( 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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