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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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$ K3 B) G& ~: e8 n( `) H1 R5 [* @, oThe production and market outlook paints two scenarios.
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; V$ H+ ^6 u. v a/ H) EUnder 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.; M# z3 e0 W4 V1 f s
0 e# m0 g7 ~& I7 a2 S$ Y5 G2 iCAPP 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.8 _3 m3 f7 j- C! x; z5 s* t- n9 K8 p2 @
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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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; Y8 p9 K$ ]3 T5 q' ^ ~CAPP sees no need for more pipe-line capacity in the decade ahead." W: O6 d" s. ]; _ P) z
X8 Z( f7 k& E- M"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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