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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.7 o0 N S' M3 I
1 S" W0 D$ m# x; }) l. q6 uThe production and market outlook paints two scenarios.. H* Z7 `) p4 f+ q ~. n' B
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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.' j! B: ?0 C4 A- b& 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./ f* h" o! }0 ^$ u+ L
0 W" L( p2 y* i"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."* y7 J9 U* M& S6 t# d% B
* l6 v, e& ?8 C% E. n* d" JCAPP sees no need for more pipe-line capacity in the decade ahead.. k/ F" U* V8 Y' W4 [5 x
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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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