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Oilsands an emerging global growth star
3 Z7 O; g# x0 j3 b* OExxonMobil forecast predicts output of four million barrels a day by 2030
& C: {& p# A8 E' I1 RGordon Jaremko, The Edmonton Journal
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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.3 t+ L3 w/ m- @& b
( r1 R2 k/ l: t a9 |- JOilsands 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.' s5 [2 R3 M6 h* C: [. j
& C* ~3 D" B! j# R% tOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.6 J( J: z% d: T; E( \# ?6 M+ r
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7 w9 U6 @ j3 p" u9 {& g2 j) JGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
& t E" G W3 Z W- L4 \2 SLarry Wong, The Journal: ~0 ]0 S. Q$ R9 ]! \$ X% |
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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, j4 q' R" h. }+ ]* C$ i' [% ?ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.: B" B: _! n8 b" b3 n. O1 x
4 O# _; ^0 H9 ]- Y* @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.# g1 ?0 ]/ I$ S0 o; }! s, l9 G$ |
" U p. P) I; ?- k) i; D2 vWhile 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.% f8 U) `4 l0 ?
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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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