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Oilsands an emerging global growth star6 U* x5 ?, ]5 `- d/ v
ExxonMobil forecast predicts output of four million barrels a day by 20303 ~, q3 X( P. p# G
Gordon Jaremko, The Edmonton Journal5 p/ X( g# W# q- w
Published: 2:37 am
5 r0 r* \* z# b6 W, a* V5 u3 REDMONTON - 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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, P+ s; N) }& l9 T, D6 D/ ]4 SOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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View Larger Image7 w: [( y0 Z) j6 M# f1 x
Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday./ A4 i$ ^$ E/ Z' {4 Z2 z1 M
Larry Wong, The Journal
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field., e- {$ Y' o; c7 I
6 o% [( r( K( }3 b* A! A& kOutput 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 A) _5 n# c+ [' y# C
( w4 R0 t' f M# JWhile 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.$ v3 r, q. P1 o" d* b& }
% k: {% T; y" G) g* VWhen 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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