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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 Z$ T0 t" e2 ] P+ zThe production and market outlook paints two scenarios.
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" v# M: w9 m7 v% S1 S' ]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.' m$ g1 Z/ N$ P7 Y
. A+ v# a: m6 jCAPP 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.( n( k' W; b1 H7 }7 ~/ p- G3 [
, I* e9 s: E! l/ t. F. Q# J+ O# F"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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" X' ~/ H& H" b( V/ `- J4 |5 LCAPP sees no need for more pipe-line capacity in the decade ahead.5 Z' ?# z; w6 W/ ^1 R* ~
, L" g% ~% }6 Y# 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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