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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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The production and market outlook paints two scenarios.4 x5 C! K6 ^7 X2 @5 }. I9 C* x( u
/ l' G5 i* g8 `( [2 X2 \* ZUnder 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.5 x& P1 K0 }5 a* ?
+ Q4 h9 W, Z* V. h1 G3 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.! F2 W u7 g+ X* Z2 C, E5 o
' b% c7 k2 L" G4 M; X"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."
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0 G! z" q. ^& I0 Z+ K! RCAPP sees no need for more pipe-line capacity in the decade ahead.% E: a+ i9 A' G. }
' {; C1 x3 V. G* q5 @- N* h9 _# x"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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