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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.( ]) i+ n! z+ o" E' x
6 E8 j& y4 [4 p7 lThe production and market outlook paints two scenarios.: O# X$ L6 B/ J# h% ]$ O
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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.
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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.' @, m2 H' _5 M& n& [' D
! Q, Z5 G3 V7 F3 c"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."$ g& ? d _ I9 m6 ~% ^! N
) y5 I( o; g) D; M l' X4 PCAPP sees no need for more pipe-line capacity in the decade ahead.8 G6 |+ m @5 m% j
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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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