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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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6 c% V, l$ w" f: yThe production and market outlook paints two scenarios.
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+ a9 ]" i3 O( R! @$ H% y, YUnder 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.' D; I6 `! S( i; c
! i b: C. B/ @5 ?3 J' WCAPP 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.2 t N+ ]' J/ y% L
% k4 ?9 V" ?0 y7 \) \/ x"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."& ?" {# K# }1 M# `6 b- @1 Z
0 M& z: a B v, {+ ~! [CAPP sees no need for more pipe-line capacity in the decade ahead.
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, o( @: O) G. L0 r"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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