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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.0 f$ T1 c/ {0 ]; }
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The production and market outlook paints two scenarios.0 b5 o$ `! f2 ~9 q$ e4 p" x) y' e
0 g5 } j6 Y$ I$ q" n/ A; L9 i! DUnder 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.6 b- f2 G# ^, Z1 z
# D9 f' d B# _& R- y. M6 YCAPP 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.0 R2 ^* t6 i9 B; K1 d3 |& u
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"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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$ ^' k+ L" s' tCAPP sees no need for more pipe-line capacity in the decade ahead.6 E2 `& j0 | H" z1 a3 m
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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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