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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." N0 |! @! R3 p) L4 c2 V
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The production and market outlook paints two scenarios.2 A5 \: L6 Z1 z) o+ p7 z
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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.- {. B6 d) Q$ C4 p/ g
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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.7 G% \: ]. r% R8 ?( m
# |# s7 L4 b/ x& ?9 h! k"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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4 ~' U, |+ V% ?- [# F& L' uCAPP sees no need for more pipe-line capacity in the decade ahead.$ A6 f; |, W) g5 \+ @& @
# T/ T4 e( l: i% N7 f, j6 c* ^"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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