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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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The production and market outlook paints two scenarios.: T: ?$ ?/ w/ X+ {- V: o
2 o3 Z! \9 { N# u( ]/ S& \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.
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M0 z( W4 ?# N! }- l+ ZCAPP 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.: y2 G; b3 h! s9 [# a) e
& `0 r$ H8 J# _6 ]"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."( J! g' i( F+ C3 j' z" t: D1 S
: s# l. c. C& [$ XCAPP sees no need for more pipe-line capacity in the decade ahead.
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"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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