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Oilsands an emerging global growth star
/ |9 ]+ T3 B/ W8 o# iExxonMobil forecast predicts output of four million barrels a day by 2030
9 \( F' q' X* @6 n' ?7 e" CGordon Jaremko, The Edmonton Journal
9 I: i4 B' I0 L9 S [6 k% o1 `Published: 2:37 am) O# m% W! v4 H6 v0 C S. [! g
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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2 b( I( |4 C, t# E( {3 M. AOilsands 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 $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.8 E0 n1 r I/ J8 U; q# s3 J7 L
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9 D4 K: l1 q; w. a: X1 CGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
9 ~6 z6 j; B3 i3 I% n; m* SLarry Wong, The Journal9 d, z; r, i; Z9 b
) v# K7 S0 ?1 K' C$ a+ `2 {; |, I) |7 VEdmonton 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., A3 ~- p0 I8 ^( k
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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.* Q! L( j+ o( U" ~( [; x+ m
, Q" V9 W6 C, k' E6 p+ g9 p* [ |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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