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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.- j6 i# y: W1 p2 O* q. @
3 T% W( h3 W: l' n1 nThe production and market outlook paints two scenarios.* K7 A# f8 e7 T G' r
+ ? T( }3 _* v2 B4 _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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6 {7 g* f/ i8 _3 s/ ], O8 gCAPP 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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/ \. I1 W2 R5 b/ F4 d$ x. 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."* ?4 ~9 K3 O8 t6 e
- s0 v2 ?- |) n+ T/ J; L. @" KCAPP sees no need for more pipe-line capacity in the decade ahead.9 m# r2 Z: v7 |( G9 Y
5 c" @' Q& p j$ R2 O! |3 X; m"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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