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Oilsands an emerging global growth star; U9 I8 i% L7 P4 V/ u
ExxonMobil forecast predicts output of four million barrels a day by 2030 i2 R# ~ s4 D4 [9 ~. P
Gordon Jaremko, The Edmonton Journal
1 ^" \* f$ H5 I4 @4 rPublished: 2:37 am
$ Z3 ^4 |" X& n8 X" n& eEDMONTON - 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.1 I4 I( g; |+ A- D: r# K
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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.( | P8 Z2 |- E
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen./ E$ q( k9 j: z) M
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6 @9 P8 t _3 M+ p7 C8 j/ IGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
) N+ N( s# s' B3 j1 |& e1 @Larry Wong, The Journal" u4 l$ E" m* T7 W" z+ S. P# ~3 C; U! ~
. U- p& X; G9 l# ` aEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.$ j. R- L; L( W( E
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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.
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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.$ V8 [& P1 W1 w& l3 C0 B% r* F
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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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6 M- p6 ^0 j2 |" ?7 D" Q- IWhen 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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