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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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5 E$ T6 s/ A, s0 @The production and market outlook paints two scenarios.2 V6 A* t; [1 Z# r8 D+ L
8 G6 b7 u6 c) Q M8 R' UUnder 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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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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Q0 o" N& |3 Q; k% H"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."9 a1 ?) X8 j% p; h) X6 I- o) g' ]+ q
5 D3 p7 N" \! I) kCAPP sees no need for more pipe-line capacity in the decade ahead.
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% P1 e- u4 z( L o"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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