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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.
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) ?1 m) v; {. V; X) l' S8 hThe production and market outlook paints two scenarios.& ?5 q" e; w, ~3 X& g
" G; ]# N7 F7 LUnder 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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+ K( ?: O( S' c5 G+ c5 cCAPP 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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"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."3 l5 F% o# a* o* s3 U' M9 A
' q/ K" h% S0 ^% i# XCAPP sees no need for more pipe-line capacity in the decade ahead.5 }$ j, z' ~3 s3 L% L' h* A8 w# y
- J" r( H9 {. M1 O6 D& F% @"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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