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Oilsands an emerging global growth star3 o5 `6 b" h3 p1 f: Q7 \6 j5 b& r2 |
ExxonMobil forecast predicts output of four million barrels a day by 2030% {7 F# c* z! V/ j: I. k( b
Gordon Jaremko, The Edmonton Journal* o3 F) a. ^& j* e& B" C
Published: 2:37 am: _8 n; I3 ?8 S1 I/ ?
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.
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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.: r* i( g) w- B1 W* D
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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.( F v) ~& H6 j6 ^0 k9 Q
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
" J" v* Z" \- lLarry Wong, The Journal
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8 {1 ]' @4 V3 ?2 a9 i# k& @Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates." \, h! h P. Q# Q: c
+ Q5 y; I$ E' VExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.7 l8 G, L* @/ n4 l& Z/ W( C
+ V* I/ G* Y7 R6 m: XOutput 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.* Z# f/ l& V2 W: r' V% B* [% E
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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.
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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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