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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.4 @4 b/ g! D: p7 _
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The production and market outlook paints two scenarios.' j1 r+ E6 U; P! S) P! Z% y
' X0 g0 Q: ^; C h+ A; |8 E! 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.' P+ D( }" n/ s& h5 ~1 E- T% |' g- e
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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./ x$ c* f) v7 _4 V! A2 g- R9 Y
# ^+ Z2 e" F- c: [6 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.". n9 A! G# l; q* W
! {$ }& y# I ECAPP sees no need for more pipe-line capacity in the decade ahead., V, b# j9 Z' B! \- t! J
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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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