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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.3 v" I- v. _6 P8 Y. D: {- T: q
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The production and market outlook paints two scenarios.
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% y! @8 b. V; Y2 G- TUnder 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.0 O9 i% r# z2 @ m1 }# }
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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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' z+ l6 s0 h* Z"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."6 Q$ s3 W( J) p; o
: B3 I% s3 S5 O# SCAPP sees no need for more pipe-line capacity in the decade ahead.5 }3 S4 G' @3 J$ ?( D' H7 z1 T0 ?3 R! t
( S. A7 C! ?- d+ K; l"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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