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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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The production and market outlook paints two scenarios.6 ^5 O% W, e U! X, I
, m# b$ B \4 ~6 s5 M6 G: 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.+ ~& r! Y/ q, A; P3 e
+ _5 [& p; ]4 `% {; R7 DCAPP 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.
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# \# R% z/ G- q+ {% 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."6 S9 Z5 d2 @% o: L# ~1 r
5 m8 A( p/ r; b6 g! G4 oCAPP sees no need for more pipe-line capacity in the decade ahead.: R( t/ r0 z& v9 e( ]- 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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