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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.. Q; L5 Z* a! S2 H' Q6 f
' f* E" h- X" zThe production and market outlook paints two scenarios.- V1 B/ K, L9 y1 Z% E
$ p, ?. V3 Z* T9 a# Z. J3 V1 y' q; jUnder 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., @2 ~: Y! g* C5 h+ V. B
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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.+ F7 v! d9 l" { Y
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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."" E) p$ s7 O$ j
4 Y; v% c \9 i( t( GCAPP sees no need for more pipe-line capacity in the decade ahead.: u: a' P1 L; f0 f
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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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