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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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The production and market outlook paints two scenarios.- Q9 c e7 d! A- P B! t! k' A
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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.2 g* ?7 U9 h( J: O
$ p- i! w' a: F, TCAPP 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.: |3 u1 u0 k2 m: E" Q% I. ~
% _, C- s2 p9 z/ T7 A"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."9 m! J/ Z: J3 u% V
$ b. z! Q: N3 W. \1 Y& ?CAPP sees no need for more pipe-line capacity in the decade ahead.1 E) G7 l; b8 f7 W0 [4 A
F+ W2 Y8 P6 x9 f$ I# s"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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