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Oil production projected to jump

CALGARY — Canadian crude oil production will jump more than 50 per cent in the next 15 years, driven by expansion in the Alberta oilsands, according to a new report.

CALGARY — Canadian crude oil production will jump more than 50 per cent in the next 15 years, driven by expansion in the Alberta oilsands, according to a new report.

The Canadian Association of Petroleum Producers predicted Wednesday that total crude oil production will grow from 2.8 million barrels a day this year to 4.3 million barrels a day by 2025.

This growth will be led by the oilsands, which will contribute 3.5 million barrels a day or 81 per cent of total crude production by 2025, compared to 1.5 million barrels a day or 54 per cent of total production this year.

“While the economic downturn in 2009 saw many projects deferred, a stabilizing investment climate, more robust commodity prices and market demand for Canadian crude have provided the foundation for several projects to return to active development,” said Greg Stringham, vice-president of markets and oilsands at CAPP.

CAPP added that new technologies are being implemented in challenging conventional oil reservoirs, and these will enable more crude to be produced than was possible in the past.

“Canada’s oil and gas industry continues to develop and implement new technologies to better address the challenges of producing oil from more difficult reserves and continuing to reduce environmental impacts,” Stringham said.