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Oilsands an emerging global growth star) F4 s/ `' o2 R7 f# R
ExxonMobil forecast predicts output of four million barrels a day by 2030
# D, |7 T. D+ l* E3 S" OGordon Jaremko, The Edmonton Journal F) {5 J0 c1 a( O! M7 E2 F! j
Published: 2:37 am4 S, }$ s* \! [* |
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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' m, ^. ]! F" I: KOilsands 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.) Q5 r' b& a H! B i. r
9 c) T. ~: G u) ]8 l4 }7 O6 y& R% sOil 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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% }3 A4 N% H- x2 \- oGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday., V: W9 z2 Y+ k, f" n) E
Larry Wong, The Journal
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" N9 ^5 o: s6 ^# o' ?# |* y5 hEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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8 `- z: Q* a$ j* H! ~/ |5 T: a: hExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.* m# }& R% F A( P8 r8 r- y+ J
9 m" \9 V! F3 n9 Y4 YOutput 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.4 c1 C) C$ @9 R: J+ Z% f
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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., X4 N. O; e9 O( I# d
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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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