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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.; K: x( t( o3 }$ ?1 h. @) `
1 B( h5 a5 u1 q: QThe production and market outlook paints two scenarios.
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/ G/ N- q( B `$ G# x, A) QUnder 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.: l; b7 _8 x* G* s6 H, `. Z7 O
- e" x) E/ u* E' i, uCAPP 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./ _: P: d0 [& _* k1 C& e( A
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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."/ Q. o# Q8 |/ f, b
& S. E5 z4 p8 K. uCAPP sees no need for more pipe-line capacity in the decade ahead.) C ]% `* U6 d1 A* p2 R6 w
1 O' {: D9 {; e7 F+ l+ Z0 c6 B# v"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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