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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.; m+ L* X7 p8 i, P8 Z( l1 D
! Q# t2 \9 Q/ ~5 c8 j: ]! jThe production and market outlook paints two scenarios.7 f# k& `" \7 a
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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.
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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.3 y2 d. C+ l, A I, L" o$ @9 F( x
' V/ w6 ?7 b& f- |( M, ?2 [9 U0 A"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, R K/ ~& a5 B# [* d* b/ Y) h
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CAPP sees no need for more pipe-line capacity in the decade ahead.& N# e' Y2 s! I3 E, i
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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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