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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./ l' M% _6 M2 w/ t( H6 }
4 }, U0 ^0 L) \' _: cThe production and market outlook paints two scenarios.
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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.8 w$ C& B5 t1 m3 ^
6 }) N. s( }& l K6 z: ECAPP 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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1 N( L5 ?) n0 [( E% O! ~5 e7 E: {"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."/ a* X- |- ~! S, b/ a
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CAPP sees no need for more pipe-line capacity in the decade ahead.6 }& {: Q% L5 ~5 Y o. ~
K3 t, T# m" ]6 B& y"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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