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Oilsands an emerging global growth star
6 g. a# @& I) ? [" nExxonMobil forecast predicts output of four million barrels a day by 2030
) ]) y3 @5 ^! d' JGordon Jaremko, The Edmonton Journal
. n& i1 r) {$ M4 \3 ePublished: 2:37 am( i- k' l" H8 N; \& T |( I! O
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.6 A4 H3 W" l7 H: U6 U
?9 \$ u) H& P2 ^Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.* K# m8 H, Z9 l1 z& P+ _+ p
& A& I$ m2 h8 q! ZOil 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.
! {& }; {2 ]' D. o" JLarry 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.
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; H, s8 D9 s, ^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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F9 ^8 ?8 @) k2 b% U# ]3 ]) UOutput 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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7 }+ {# J8 P" Z0 z+ u' eWhen 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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