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Oilsands an emerging global growth star
. N* ]+ |3 y$ `( \5 v, sExxonMobil forecast predicts output of four million barrels a day by 2030
* z, e, A m1 W$ B/ R- D5 ?/ [1 BGordon Jaremko, The Edmonton Journal0 N7 @4 j& m; L
Published: 2:37 am
9 z! S5 J: y3 w8 t% n6 aEDMONTON - 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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" J2 j1 K1 l+ {, i2 T5 E+ v vOilsands 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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5 _- f% U6 i- `" a- mOil 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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& W. p, W' X# ~2 d; f. YGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
- W. V0 M# ?) }4 w/ Q: 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.& a. }. d8 a- m
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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.
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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., [( |5 X% M9 c3 G! q
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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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