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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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" i) B5 W& {9 H7 T7 E3 w" B2 NThe production and market outlook paints two scenarios.1 G1 j& p/ `0 W8 E1 k! z$ {( _
0 d2 |' q; \; N1 n; ~' A" |7 [5 zUnder 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.* }. h3 @4 E) t9 O) Y. q H
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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.% u* t/ u7 l) I1 t4 C$ C8 L
( z2 `8 [- q7 t5 }- `+ S"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."$ K8 K& i9 g0 X5 w8 K# R/ A6 t
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CAPP sees no need for more pipe-line capacity in the decade ahead. V; ]) E7 W S% I% r8 y1 n& o5 ~
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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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