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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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( c6 i/ t/ a( n3 YThe production and market outlook paints two scenarios.' M" y) b" U2 W' w! M2 p
% \5 n/ @0 F0 t2 K- p o* vUnder 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.1 Y( {$ P- A* j( o8 a! E" n
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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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"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."4 z0 k. ?, U0 Z$ L, r- w
H5 g1 i6 V7 a) U' R" ^CAPP sees no need for more pipe-line capacity in the decade ahead.
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, S5 r: D8 W4 i1 A$ M( T+ d+ ]"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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