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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.3 @ M8 k5 _& d3 S. C. d
! Y' G+ g$ Y" [; [The production and market outlook paints two scenarios.
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0 E) D7 b |+ _4 f W1 S8 L+ rUnder 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.& y s3 T% u5 Y
0 {" H/ n# T i, \9 W* BCAPP 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." E" Y5 a% g4 n
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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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$ J R& L# t; m4 `! d9 N8 A7 y! S- U+ ^CAPP sees no need for more pipe-line capacity in the decade ahead.
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! \$ A3 a8 @/ o6 F/ ~"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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