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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.' K- K R( d! z# ~. ~* J: F/ y
- V% C N, F4 Z% ^+ ~# {The production and market outlook paints two scenarios.
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" `4 M+ F' ]8 ]+ T. [$ jUnder 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.$ A3 O W" j( u+ P0 N; {: F P
0 {" Q( S, P& Z- c6 u( xCAPP 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.0 ~( w( }1 {3 g% Z
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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.: ^" X2 {# s% w4 V3 o" ^* [
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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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