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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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9 w- `& I) z" r0 V# \The production and market outlook paints two scenarios.* X- v3 T6 \- Y* {9 U
3 N$ V- ]* E# H' m$ m6 SUnder 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.: T* Y/ k5 [. [$ A. M
& ]% N- V3 n! H9 M/ H& KCAPP 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.3 `3 b& B, U1 K9 R+ J* p
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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."& Q1 I/ x, u5 v. j6 Q6 H
2 q$ l. o# q& O6 O8 O; ^: m0 RCAPP sees no need for more pipe-line capacity in the decade ahead.$ _: j) d. |. I5 C) o+ A) U
, ?5 v6 [3 q/ k9 I$ I% K Z6 j' |"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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