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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.
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The production and market outlook paints two scenarios.
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& i' f5 b$ F6 @' K, R! U9 O( MUnder 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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+ G) k- ~1 n- A- [# o+ OCAPP 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.5 ?! ]9 F& u; p6 {: E
6 l- ~8 ~) }) C"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."; F. {" c$ T+ c# I) v$ L7 O
) T+ u+ F: k. V/ l/ t2 S2 jCAPP sees no need for more pipe-line capacity in the decade ahead.) @: `; u* P! T: w! W- k- X
: f2 w2 t8 b4 B0 ~6 B( k"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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