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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.
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/ }9 i* @5 R3 @' p0 o/ e5 gThe production and market outlook paints two scenarios.3 u6 G% H. r( l
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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.2 O: _2 {; [+ |5 i4 V2 @& ?
+ z* k) U. @4 `9 @6 \9 QCAPP 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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( X0 J* z- n5 C6 j; P"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."# B0 \; u# B+ J3 i, r
- ?! D8 X) O0 ?3 p$ m UCAPP sees no need for more pipe-line capacity in the decade ahead. D$ }+ p C0 F- d2 `1 U. X# J
8 A! A; m3 ]* R"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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