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Oilsands an emerging global growth star8 a9 s( Z/ `# v" G8 K4 |4 K! J
ExxonMobil forecast predicts output of four million barrels a day by 20301 J; t0 [5 `/ p0 [
Gordon Jaremko, The Edmonton Journal
- h3 {1 W3 } k9 wPublished: 2:37 am
2 }7 ]5 \9 L' C0 I/ PEDMONTON - 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.
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8 W) h0 D; _# i* D! O, bOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.: d2 M4 b& P$ q0 G* V2 a6 F( ~
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7 ]! W$ c- U5 z# I: EGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.) R/ A# T; D. o3 P3 j! M/ p
Larry Wong, The Journal
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.1 J5 E6 k- q$ U/ S2 x% {
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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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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.
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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./ {- K* F! ^& E t+ J! Q4 w9 a
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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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