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Oilsands an emerging global growth star
$ X: E1 y5 F& v5 a" {ExxonMobil forecast predicts output of four million barrels a day by 2030
3 ?3 V2 L9 c; }( y. v. q u, XGordon Jaremko, The Edmonton Journal# }! H+ g7 s N* f
Published: 2:37 am; y6 e. U* @8 n( }
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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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.6 v% D. H8 r. t6 K, `% z+ F
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( T7 J: e( V0 I( U. X; L# EGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
. M& W- _1 J0 |& ]) [+ H. PLarry 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.
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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.4 {1 q4 c7 [' N# q9 |
# _- ?9 L) d3 K; c) l- u' T: ^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.* t) ~% \3 ~1 M6 F
( t0 J' B5 m* S/ LWhen 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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