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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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+ e7 K% P- u3 @% N. g% l i) q( RThe production and market outlook paints two scenarios.2 r- ~% D; g- b* _& I3 {: C
6 h7 _, L0 j! H% v: q5 `% e7 X @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., a- {/ q0 n$ Q
6 p/ I4 {6 E2 `: @- 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.- b$ l3 o2 h$ g7 l' l. l
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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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CAPP sees no need for more pipe-line capacity in the decade ahead.
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4 ]& @! s Q" x$ C2 r/ r1 x"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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