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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.' v7 U" o7 V5 {; G) P2 J
) @) X C& E$ S" ?8 sThe production and market outlook paints two scenarios.
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" l: k L! s7 B" a& g5 ^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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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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: s2 y* l( E0 v% W6 y"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."" w5 O; T# d0 [
9 k X3 G0 U1 X4 @5 M3 G, }8 kCAPP sees no need for more pipe-line capacity in the decade ahead.3 ~0 y5 h. v6 ?- _# M
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"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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