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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.5 P4 L2 ^9 Q4 A" {% _- `- i! b8 u
" F7 y. `' b9 C1 c7 @. OThe production and market outlook paints two scenarios.
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# F" T: U5 D% H; y% 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.. K5 _, W2 {9 H3 N! v* k
! {" O- w0 ]# ^5 S9 K# VCAPP 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.4 |" x1 `9 c3 a; y
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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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9 ?/ m6 z2 ]" t# z. R. d3 @1 y+ cCAPP sees no need for more pipe-line capacity in the decade ahead.. g8 v$ l" O( d8 g( w
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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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