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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.$ A1 A, n! I" \ r. f" X
6 d4 G8 e# v3 H0 T+ VThe production and market outlook paints two scenarios.7 B) k: |" ~. E P
4 l( B- k- q. h8 L$ S! WUnder 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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) w, j. M. o5 T7 \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.
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& n. P. K/ P6 n9 r$ n4 }0 `+ J5 U! T"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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# I0 ^8 s; d5 S4 ?. P3 JCAPP sees no need for more pipe-line capacity in the decade ahead.* H9 O. Q$ D8 l+ c3 K
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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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