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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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The production and market outlook paints two scenarios.9 t# G; T: ~# u& V# c' I6 U
( A7 h7 ?. e0 o( q! lUnder 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.
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# p; F5 u& @9 e3 x3 rCAPP 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.7 S0 u% S7 s5 C! |" L/ o$ R
" J8 w8 J: P6 K" {% `4 M2 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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1 y( G# E# j. H! R! }) ?CAPP sees no need for more pipe-line capacity in the decade ahead.
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p6 S& x" p8 g. n"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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