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Oilsands an emerging global growth star
# b8 ]2 K" D+ e/ ^$ t) N6 Q" TExxonMobil forecast predicts output of four million barrels a day by 2030
* I: @9 T& N8 L: k$ kGordon Jaremko, The Edmonton Journal9 j# P% g0 I7 E% H$ v& Q
Published: 2:37 am$ c/ C8 u6 @6 ^% t0 q" \
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.& r1 Y* B/ K3 J4 u7 C
. {7 P# _6 i3 i( K4 \7 |7 U3 cOilsands 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.
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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.! p. B6 I& r' o! Q# _( y
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8 H3 T9 J w: _Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday." l* ~3 U- ]! C. }/ d- |+ R2 p9 _
Larry Wong, The Journal
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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.* v4 c+ Y8 p5 Z7 o7 f
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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.
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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.5 k5 W6 D' |/ r% x- l; M
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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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# a4 ~5 g) p% K. L' {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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