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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.* P: Q9 B9 ?6 y2 z. H* o# w
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The production and market outlook paints two scenarios.8 o. X% P6 P) r J$ C. A
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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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- K/ D% V/ B% y1 LCAPP 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.; k0 T& }1 {4 Q' w3 [0 {- D
0 w1 V4 |; k/ K T- {# {"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."' ]& G0 M. t) O; y6 T5 ]* B! ]. r" e
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CAPP sees no need for more pipe-line capacity in the decade ahead.* l" d" @' f3 r' c" ]& V
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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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