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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.' s2 [% I: G- b. S
2 V' U- ]/ R' B/ S& sThe production and market outlook paints two scenarios.
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. D% E4 G. C9 u" YUnder 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.3 W; M: p; D( `0 P: A R* E& o& h9 o
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CAPP 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.
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$ l. h, H: O% F H5 P. M% i/ D! h"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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" C$ P) E* [% x. d8 uCAPP sees no need for more pipe-line capacity in the decade ahead.2 q# J1 {' B3 ~1 M7 d8 l
# U6 H5 A; T# R( b. y7 B"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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