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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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% `' u7 g, _/ u3 IThe production and market outlook paints two scenarios.0 d. d; E6 D5 P4 _
3 z! T3 o* h$ s. B: ~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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$ Q$ C( C3 q: U4 [5 v" hCAPP 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.+ s7 v& y9 B: R, H& I& d; ^6 e
0 I0 ^1 g8 P3 j0 }"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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! f6 F- F8 L/ A* A7 F+ e8 }CAPP sees no need for more pipe-line capacity in the decade ahead.& }3 Q; j) l7 I$ Q& N7 H! {
9 b+ u+ x4 L! u9 C"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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