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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.# F$ U a- N* M1 s! B
2 d1 _, F1 _; S+ h2 FThe production and market outlook paints two scenarios.
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5 m- P/ q" t0 O b4 A8 uUnder 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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6 }: P( W- g9 J& U) P7 N9 P+ WCAPP 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.* X/ Q5 l7 z1 s' O$ i9 S6 X& d
$ l! o# o+ I5 f( 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."" r% p- ?% _1 b1 p+ F( ?& j1 O
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CAPP sees no need for more pipe-line capacity in the decade ahead.+ y6 S/ ] c1 Z2 \ B d
0 ^% P! }5 B- D4 l+ i"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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