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Oilsands an emerging global growth star
5 c7 a7 |$ X( zExxonMobil forecast predicts output of four million barrels a day by 2030
% g2 r- a3 m z0 AGordon Jaremko, The Edmonton Journal. v) M0 U0 ~9 {2 u; t+ t
Published: 2:37 am
4 ^! `* o2 x0 y" }) KEDMONTON - 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.& f2 T1 Z0 D9 H/ G
: u1 ^1 @* y+ F( q! ZOilsands 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.1 f* ` R0 U* l! |. n
1 W9 ~) u( L: y, p. ]( ^7 m4 N: IOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.% i7 Y2 j& i5 d
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
; ]; F5 [; z+ W7 g$ V+ Q; TLarry Wong, The Journal
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3 e" i1 f. M# }$ P3 ]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.* n9 B2 d9 ~! I4 w" r6 o& p
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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.' V8 M. p, |* Q0 x5 t
+ [# ^3 L+ f* Z. Z( p, sOutput 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.( m( O! u+ E& A. @/ V
; t0 u, f; p2 O6 V! m) M4 tWhile 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.# k0 e0 J* E+ \2 z
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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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