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Oilsands an emerging global growth star
" |3 c: B, X- `0 n; z5 _- k5 JExxonMobil forecast predicts output of four million barrels a day by 2030
% K6 W7 B a4 \9 Q( y ?- j8 s; tGordon Jaremko, The Edmonton Journal% R" B, }4 r" T- x- {# ~! j" d
Published: 2:37 am; C& Y& Y* e& I! ]
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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7 h, j8 j3 i. Y, r- n- ~$ UOilsands 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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: Y. J* w2 @- }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.
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
( [' Q% m S) C9 ~0 w! O+ g1 uLarry Wong, The Journal+ D+ p* \+ b! K, [
. w9 Z* N4 E7 e1 ?4 D7 ]0 hEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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6 x4 E- z0 G) X/ a$ H4 ]) EExxonMobil'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.
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& P7 g- G; I( w# V' LWhen 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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