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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.6 n0 @) ?8 A6 O$ t; w/ r
' A4 L6 r& c/ `+ PThe production and market outlook paints two scenarios.! m& q( p$ Z3 @
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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.& P* o% g1 i+ a, v
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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.$ ~; Q+ a' R7 F" H6 `- n
6 I" H! P8 A$ ?6 T. Q"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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w6 c H/ X" |* ]CAPP sees no need for more pipe-line capacity in the decade ahead.$ U I0 @0 A5 m. U/ H+ V& }) v
$ `# S+ |4 z. ]3 X8 A" G, b1 S. U7 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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