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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.8 q2 p& W3 R' ~( T7 m% ^! N
. o2 K8 n( X- IThe production and market outlook paints two scenarios.
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& w' {% i% a% J1 m- X7 H1 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.3 C3 [9 U0 m$ y
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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."
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CAPP sees no need for more pipe-line capacity in the decade ahead.
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" |9 h9 L' M% T# q1 R: U" |"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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