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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.8 K) H* f, s- D" K' Q
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The production and market outlook paints two scenarios.5 W- x8 s2 {* M: R; Q
) l$ d# c: ~' y; iUnder 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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# r: N) U6 y+ ~$ r+ f; m2 nCAPP 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.( b r1 h8 z! Q' x4 t# `
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"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 P" I: u. t7 l+ V
) N( h( P: G6 a3 B; h7 X. ] wCAPP sees no need for more pipe-line capacity in the decade ahead.' g) r2 ~# H3 g2 `9 C, h T. z; }
+ f2 h3 R0 D. h9 X7 n"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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