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Oilsands an emerging global growth star
. \2 T$ X+ g0 e' }* d# r* A6 F6 fExxonMobil forecast predicts output of four million barrels a day by 2030
) o5 W/ Z1 \( z- M" } D$ sGordon Jaremko, The Edmonton Journal
1 E! M7 W1 h7 [2 F$ f8 _Published: 2:37 am: R1 y5 r# O* }# u* ?' n3 t0 f
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.6 ]; V5 N5 g" {% A6 m4 ^
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Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.! z! j6 \3 q# a- }' `) }
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
. R, J' r+ b7 d6 {, s) v7 bLarry Wong, The Journal
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K# c( P, b: ^9 F, A6 g0 ~Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.1 P. G H( C2 w: @& \$ x5 d# @/ E
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.: V8 v: g7 [# L I ?- L0 w3 a/ Q
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While no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said. h$ Q! P5 B! ]) x9 x7 S
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When the oilsands rush began in the late 1990s developers only relied on markets to stay in a range of $20 to $30 a barrel. To be profitable, new projects today count on sustained averages in a higher band of $60 to $70, Dunbar estimated. |
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