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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.6 [4 g6 E( M: X) Z1 H4 I
* m9 Y( g+ l3 I: f4 g& E* x+ gThe production and market outlook paints two scenarios.2 _' e) H4 u" |6 _1 W
. U5 X d* V- t# I1 [7 gUnder 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.- ~8 x0 ?7 b+ Q0 o5 i9 Y; A
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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.
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+ U8 P3 I; S7 S: P( H. N3 y; V; ~"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."& ]' n; v5 X0 n* |+ ^/ v& `
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CAPP sees no need for more pipe-line capacity in the decade ahead.
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+ I$ h. h- W# ]2 n1 D' p$ P"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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