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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.9 |( k: b$ _1 ?
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The production and market outlook paints two scenarios.1 S$ ]' y& j1 p3 n7 I8 G! x
; D) v2 J- ~0 i8 B& A& G% {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.
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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.
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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."' n: x$ ]0 B# r3 ~2 h
' g8 X+ b$ k I9 d: TCAPP sees no need for more pipe-line capacity in the decade ahead.5 p/ s3 i, K: L* f S/ o3 Y
8 F: i7 a* O9 \8 M"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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