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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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8 V) i* L) i2 j0 LThe production and market outlook paints two scenarios.! Y$ R1 n0 L' y+ T8 `0 _. t- f) c3 d
) A$ O$ {2 i: K* g2 F7 d; ^' IUnder 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.( T; A9 h( l9 G8 Q
7 l6 N! m% t; T6 `* ^( fCAPP 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./ s3 ~& Z! o) p* z- V! Q
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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."! z9 J- e$ z( Q1 y
' c2 [+ x& V5 ]2 U5 sCAPP sees no need for more pipe-line capacity in the decade ahead.
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"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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