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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.) h- A D9 q$ H j9 P
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The production and market outlook paints two scenarios.+ \6 }' ~3 }" K! {2 S' w# Z
' U) O3 D7 x% c, g. Q! p s; h" DUnder 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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& W, i4 c& _3 M' t! _7 NCAPP 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.9 M$ d1 Z3 h4 J$ B
0 ?4 q* |4 u7 T+ m! T"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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: {2 ` \& q C5 [( KCAPP sees no need for more pipe-line capacity in the decade ahead.% `! I6 e9 q9 E' i( ~' W
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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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