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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.. S7 ~4 P8 L1 u9 g7 Q M
# F5 l- H/ d* j9 c3 |. NThe production and market outlook paints two scenarios.+ l8 l2 L3 O+ ^) ]
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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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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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2 G3 b, C, B* _) W"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.") w, _( O" M% \: |5 `, C g
6 ~( @. O( e- ]$ Z. e+ a7 g* KCAPP sees no need for more pipe-line capacity in the decade ahead.
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5 {$ K2 p9 z+ B7 I"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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