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Oilsands an emerging global growth star
7 Q# u1 _( s! |& @5 BExxonMobil forecast predicts output of four million barrels a day by 20304 b- m1 m7 u/ ]6 Z+ y6 E
Gordon Jaremko, The Edmonton Journal
9 F, ~% Y4 ?/ A, M$ M+ i. U$ j, ]Published: 2:37 am
$ ]6 R9 n7 }$ l) r HEDMONTON - 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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& J- e6 }, _2 V! A% e( w: b4 HOilsands 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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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.* z( c6 a% o. i9 e3 h
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, e) H( N4 r( t- PGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.- _7 b( e2 Y* I! y+ M1 g; c! T% G
Larry Wong, The Journal# O8 H4 [- g+ L) T0 v
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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.
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0 E5 M0 m. {2 \4 @! zExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.% R. b2 Q) s- r; o6 B# B
2 S' V5 M; b7 B" O# cOutput 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.7 c5 \) r! u5 `3 A) C9 c. X+ d
" L9 i8 S% L! o- y3 T/ p$ aWhile 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.! B' C e t3 |9 T6 N
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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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