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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., g: P, U" z" S/ y z) P9 O' i1 q
7 n1 O7 M6 G7 J2 cThe production and market outlook paints two scenarios.+ M. R! q: S, V% q
, L# q% Y! M. b4 u% e' v2 F' r7 fUnder 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.$ g" _) A* p+ t# D/ o
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CAPP 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 L; n" |& N+ w1 b3 |
+ G U+ F& N6 z6 L% }3 z) I"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.") M( ], O _/ s; o0 c7 |
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CAPP sees no need for more pipe-line capacity in the decade ahead.; r4 i, d( J+ K. ~9 t" O: I
) O2 b' q2 M H; A+ M4 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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