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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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{6 G" W2 }& PThe production and market outlook paints two scenarios.
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5 j) @; V. b6 m% d4 _( oUnder 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.; c( m8 b( Q/ ?# s
2 B0 a5 K: n: 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.8 f" V0 ]1 k7 i, F8 k; |
/ J6 h+ l# \! Y6 {4 g"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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# \1 H/ d; u* |) vCAPP sees no need for more pipe-line capacity in the decade ahead.
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% o7 R- s# v# W, \9 ]7 k"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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