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Oilsands an emerging global growth star
% f! `2 A% k% l' v3 oExxonMobil forecast predicts output of four million barrels a day by 2030
9 k% q) |5 }. f' Q0 k2 `Gordon Jaremko, The Edmonton Journal
! n1 E. o, F! G" @# lPublished: 2:37 am
0 j$ r2 s6 D; m6 p" lEDMONTON - 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.3 b5 u2 l5 k1 {7 Q
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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.. M T1 a8 R8 x9 B
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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., A1 }7 F: h0 N+ F* ]5 S. ]( X1 n
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
; O& }% Y; ^- U" h* @% q7 @9 hLarry Wong, The Journal+ c; f2 i, V4 X
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.; E( {" W& p/ g5 V$ ?7 _8 b1 Y% K/ l
8 J; A d& @; u7 aExxonMobil'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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3 s2 j4 ?1 l7 }% kOutput 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.
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! L9 F! \( c& d1 KWhile 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.! f6 a! z/ V: [* u
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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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