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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.' M/ I N4 \2 g5 A" V
5 q( L+ f7 y+ I, x3 d, u2 ~The production and market outlook paints two scenarios.
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2 @- S9 J/ T& G2 {( A2 RUnder 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.( M9 E$ P' H2 [1 b' ]3 J6 M
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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.& J) Y* `( |7 A/ a" 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."
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7 a y( X; t7 I3 D; k, a5 n) }# YCAPP sees no need for more pipe-line capacity in the decade ahead.
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# B6 S/ l, @) w" {"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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