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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.1 P) ~1 B: Z2 ]2 `# \$ J. M' X5 D- b5 q
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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.7 k- N- ~. g9 @2 N' x4 y$ P( ~
/ d% u+ t. H" ?2 W' @9 w) xCAPP 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., x4 x z3 x1 s% [
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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."3 L" L9 E- O$ w5 \( s' C0 u* w
4 S% H1 ?! }/ r. Z& A& G/ r0 eCAPP sees no need for more pipe-line capacity in the decade ahead.3 a3 i; T! h d( Q
. V! o6 p3 E; |3 s"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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