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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.5 j8 }6 L) H( V9 a) ~! m4 I* m
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The production and market outlook paints two scenarios.- a4 |1 v% Y, P# C- }, ~! f2 ^
- t2 G# Z9 R. J* D1 mUnder 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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4 O4 Z a5 \$ t& D; @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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8 o0 Y* |! Z( b+ b4 l$ K9 O"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."( T* S# V! r; G5 T5 a- S9 [, F
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CAPP sees no need for more pipe-line capacity in the decade ahead.
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$ D$ I0 |) O' F+ ]; Z; ]"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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