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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.6 }5 g v% \5 A, P2 C" J( b
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The production and market outlook paints two scenarios.& d! n) q; E. i ^
5 o5 A9 P V& u5 ?2 K4 \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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; R# L( r7 n; L2 B/ R) r% yCAPP 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.) L' U- y6 u, J) J& `* _
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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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. O' P( f6 W; U; |! `1 |# @5 GCAPP sees no need for more pipe-line capacity in the decade ahead.
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6 K% P7 x5 ^+ ?* y8 }2 P"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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