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Oilsands an emerging global growth star
% R9 e' O/ O( ~- w1 OExxonMobil forecast predicts output of four million barrels a day by 20309 j! J, l; O" @, {; e9 o
Gordon Jaremko, The Edmonton Journal
4 J% T( [" a; K1 tPublished: 2:37 am$ W0 m1 y& B9 a" x) R8 ?
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 _% x" Q. F3 A( J6 d! Q: |( fOilsands 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.7 l, N3 I# ^9 U
+ w: r! i5 z( T7 oOil 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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9 I5 x# U& M2 Y- M; i7 J3 IGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.& R0 t* F9 k( ]5 z
Larry Wong, The Journal
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" B7 f( X& X0 B3 \3 ^* i8 |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.' }' A5 Q4 v0 q# C( v( ?" k
+ H* r/ w- I' B& d: qOutput 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.* l% S6 k; ]: q. V, U& `/ u
) ~5 t8 Q( W! gWhile 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.' {2 X& I* R7 [5 `
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When 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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