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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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; K; x- J+ C; r# L7 v5 a, F3 bThe 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.+ b" R8 W; z' n$ p0 ?
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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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+ ?) _+ @+ g& t5 R0 Z"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.". ~3 C& u' ?4 G) t$ r
3 Z. s# @ S' |8 y9 u' h; k1 R) ^3 OCAPP sees no need for more pipe-line capacity in the decade ahead.3 U2 Y# O: B+ _! s7 m& E* u: m; ?4 Y& _
0 ]7 j6 s; T/ J"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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