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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.8 P5 {2 T6 q& A2 B: Y
6 P+ G: U+ h0 A6 QThe production and market outlook paints two scenarios.9 e# d: O& c5 x Y. J+ X! A! _
! y, c( _) p8 s0 TUnder 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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9 |3 Z* |% Y2 Z, ]/ {9 ~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.# H: d) o q! n$ e0 F4 Y, Z) w* w
" v& H" w" n# m9 J3 e"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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4 S1 R. p. m, f7 QCAPP sees no need for more pipe-line capacity in the decade ahead.+ L1 v% v8 K3 z& h' j& K: n8 R6 p
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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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