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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.- g6 V' N7 F. e+ D& b
# Q1 j0 \- F, ?* [The production and market outlook paints two scenarios.+ h. C' \: C& }; R5 a9 F5 h
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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.
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2 C3 k% u$ d, i- L4 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.; e3 A _( _' [- E4 s( z- a
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"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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4 X C4 `0 N& N5 Z* FCAPP sees no need for more pipe-line capacity in the decade ahead.* v; n" b: s( j% p7 F( l9 ]0 Q
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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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