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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.4 ~% f8 G3 E0 j6 _
- a8 q2 K! h" Q( ` hThe production and market outlook paints two scenarios.
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4 Y3 P) ^6 c1 ~* FUnder 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.( T0 G: Y0 j( c, g6 m* O0 k) g
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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.
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7 |3 I- B# r: W) B 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."+ E M3 R6 O6 U3 m
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CAPP sees no need for more pipe-line capacity in the decade ahead.# F( ~% u" r! Q: ]' }% }4 D" @
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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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