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Oilsands an emerging global growth star& O3 G. W j8 v* c/ ~. H
ExxonMobil forecast predicts output of four million barrels a day by 2030# N9 P" k4 J) O0 z9 O5 D
Gordon Jaremko, The Edmonton Journal* G$ b4 D n) L9 _
Published: 2:37 am
- y$ g3 L3 R" U" x' _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.8 i9 l; J) }6 ]" n. W b
|% y, [+ \- h, a5 YOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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- h0 n0 s+ V: v7 p+ iGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
# T; u. h$ M: p' M5 \5 jLarry Wong, The Journal
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3 E( |/ a" b1 }/ }8 d: yEdmonton 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.
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6 u% x% v \) R) T Q/ _: I8 D! hOutput 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.+ E5 B' @5 _+ n: M K& j
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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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: r' c0 ~+ _- w% A- b" YWhen 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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