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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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/ {5 B1 I$ J8 b: N; V4 K' q8 d5 IThe production and market outlook paints two scenarios.$ y4 k& K# _$ n, f1 k1 O2 C1 f! [0 A
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Under 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.+ @( T* h' b8 w% ?3 S) |
" [" N; a0 b( c* v. N. S1 z2 g g2 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.9 N$ q, R* i# b* u% f+ X5 o9 u( @% \
9 e4 }* l9 j# t+ R- r4 E) w"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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CAPP sees no need for more pipe-line capacity in the decade ahead./ e8 H7 _" c! y' Z" `' ?* q! M0 T
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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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