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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.- C4 X r, ~* k' X, Z
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The production and market outlook paints two scenarios.' `9 [' P% _2 j: J3 Y
$ N+ u. ^: c. F# I6 s. s" s5 Q% KUnder 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.4 C6 {- `6 l9 Y: A
* e7 a$ R2 O0 X' bCAPP 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."- y! u% ^1 L6 |. X( j* e
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CAPP sees no need for more pipe-line capacity in the decade ahead.) O4 y7 S& W+ p: N
" R8 F' C {' j1 k6 Z"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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