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Oilsands an emerging global growth star' j8 d c( N1 {. q a' m1 ?8 Y
ExxonMobil forecast predicts output of four million barrels a day by 2030+ t y. j9 T8 t* Y9 f
Gordon Jaremko, The Edmonton Journal
3 S$ \9 M9 l% ZPublished: 2:37 am4 ]& e$ d' l" Q: P9 ~
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. O A! I# o4 E+ [) F4 M
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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.( G* h9 I5 a& F3 o% v; N- N
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.. E$ c" K" f9 }$ P; j4 C
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.6 Y- D: _5 E" \& X* P
Larry Wong, The Journal% R3 B t) X9 l
" V5 Q7 c5 u9 }% I* K5 VEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.% ^. \* D6 x. V1 k- S7 x
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.; A6 e+ I$ u1 d) ]2 a
2 F: J3 P, j) M; _9 X7 R# L0 fOutput 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." @1 B2 S _ k- {
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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.' X% f, l# J' H$ l: e4 w% e1 M* C( x
. b4 @8 {! n# U R% x$ NWhen 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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