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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. t, J$ d3 Y, `% T1 e7 C) Z0 \) D
Q+ |1 Z% F% {) e2 fThe 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.
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; j( p$ B( I2 \" P3 U: F/ B2 {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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! o b2 v7 O- ~$ z$ M0 n"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."0 ~. B# Y! a4 L1 r
9 r* c- L0 d6 G( fCAPP sees no need for more pipe-line capacity in the decade ahead.
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$ J) ?0 x7 U2 x! J4 R! ^"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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