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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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; B# R% J6 A) Q4 X; v9 N( @The production and market outlook paints two scenarios.0 [+ f( s5 Y' w& p6 @
& ]+ K) v1 ~$ }6 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.& @& U! F2 Q0 a' b! i& I
' A* N0 b3 m1 Z( N8 B# hCAPP 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.( S/ U* F9 ~ u/ c
' x. J6 W* d8 J"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."* d5 q2 M2 `& `+ K8 x; \# a! k
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CAPP sees no need for more pipe-line capacity in the decade ahead.+ C3 P0 w$ R: X6 M) B i2 N3 o5 f2 B! X
0 U) Z+ J7 o% ?"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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