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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." W5 w$ o. ?" W$ c4 L. q6 J
* l4 ^. h" B5 a3 a: p) ^. }7 _, mThe production and market outlook paints two scenarios.% ?; b8 K$ B* _* W
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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.# P: f1 S( i N! _
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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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/ y2 u0 C& N9 H( q& |. i"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."$ P0 }$ ^$ K" j2 `+ @
/ E$ Y, n4 k! ]2 M9 NCAPP sees no need for more pipe-line capacity in the decade ahead.( g5 K2 ?: K! z- d4 Q% R% T
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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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