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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.( A }6 _) Z0 C$ u' b" m
0 |8 |: g+ U$ O+ QThe production and market outlook paints two scenarios.
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; B8 F/ w: U% A8 d' [, CUnder 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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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.* f7 B$ F y% }/ w
, V7 I" g, j; L, l3 S8 M/ ^"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 I# o f0 G% z( W5 ]# b) e; }
/ u$ X: \. S. d7 p% nCAPP sees no need for more pipe-line capacity in the decade ahead.
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$ C3 n0 Q% y3 z" K6 E0 Z! A* q! i"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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