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Oilsands an emerging global growth star: Y( Q+ H& e1 O2 f
ExxonMobil forecast predicts output of four million barrels a day by 2030% A% N9 W/ Y2 b: E) | m
Gordon Jaremko, The Edmonton Journal* z* x- h& O' b; h5 r8 T" z
Published: 2:37 am. M& c% g$ W" c5 A* o9 ?
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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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.
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% n. W- y* e# Z. Z/ B) d# ~) f& ROil 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., q: _7 c( _/ [0 `" h8 O; K
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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( K9 C& t- n, h. x; R. d* X3 \5 @ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.6 w; A7 V1 R, z% g+ R
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.8 b; \/ R$ o' N7 k2 o
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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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3 V9 |3 R+ D. f6 QWhen 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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