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Oilsands an emerging global growth star
# Q8 p7 H9 e$ b! x$ i! G: ?ExxonMobil forecast predicts output of four million barrels a day by 2030
8 ~0 t2 [1 M1 Z( [/ ? `& i# I8 S& XGordon Jaremko, The Edmonton Journal
* I. @+ v+ ^% zPublished: 2:37 am: C- D. P# x% K' [& ?
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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0 J! |9 H: Z5 v5 @ Y- nOilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.. W, j& f! n: O: |2 g- |
+ j5 _+ f0 W- c( x7 s2 H$ e$ AOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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( n3 m6 M8 Z9 V* R& r View Larger Image
/ P6 ~ o, M* m$ X- u2 y+ B1 DGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.: g2 Y1 Y; j) s6 w, u1 ~' l7 J* ?
Larry Wong, The Journal& q" J! K" T% [7 g
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.: E3 L# N$ p+ U1 t
0 d1 O0 G: ^" T8 w0 u* HExxonMobil'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.8 h8 Q3 b: V/ [- V$ p
1 S* G5 y7 y1 V! ?; E! E: cWhile 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.
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$ J/ s6 ?- r, f' K+ y# `, cWhen 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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