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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# {; D3 Z- s$ K2 X4 c! w! ~
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The production and market outlook paints two scenarios.
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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 d/ A, x& Z1 }$ e: g* O: Q6 o/ t
" k$ E5 S$ ^! I8 Y% v0 U3 [) ]* 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.8 [9 m$ J' s4 X3 O7 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."
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; I5 K8 E/ S5 \CAPP sees no need for more pipe-line capacity in the decade ahead.1 U" o; c- h: ^9 ^3 J& o- V
9 A; W& {2 a" l4 U/ B" B$ u"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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