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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.) z: O, @- Y! J' V3 G* d
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The production and market outlook paints two scenarios.3 K9 `) `4 {! G* x, c1 D2 \
8 |0 D% i5 h q. W' x5 LUnder 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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! w/ i, J4 y$ I) Q/ |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."7 D A, ^3 Y% g8 d) \
" V L( s1 N7 nCAPP sees no need for more pipe-line capacity in the decade ahead.: O+ q8 C j* o) m
a6 r% ~3 ~- H! {"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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