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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.
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; W, K7 c) T; H sThe production and market outlook paints two scenarios.. Q" I# Z( j; O; a
, s& m" `: p( b! UUnder 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 {' J2 `# i' D
9 y, |# _5 a6 J; r% e# q/ H6 ECAPP 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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) I' }$ t" y2 u; |. j# e k"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 N/ E/ [4 R5 Z0 @CAPP sees no need for more pipe-line capacity in the decade ahead.1 l; q) T5 W: E6 j
o1 K: f) E: Z9 G"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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