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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.# G$ }; u" A7 N+ ~9 b# j' C
; N% j5 d9 |- i" E% Z; Y8 L) o# CThe production and market outlook paints two scenarios.2 H) q8 j" h; M- a& I* ]& A
2 s2 n7 M0 \! r; mUnder 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.; K7 Y/ l1 \% q' w9 w
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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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. H% ?+ h3 G: 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."7 r! G& O- E# A% d I% _
5 M1 m2 K/ g/ I. o V% tCAPP sees no need for more pipe-line capacity in the decade ahead.
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3 i: Q3 E$ ` S+ t5 n; o9 g) `"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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