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Oilsands an emerging global growth star
5 y! h( c, R7 c/ q) s8 NExxonMobil forecast predicts output of four million barrels a day by 2030
: ]+ D4 K. i/ o% E$ dGordon Jaremko, The Edmonton Journal
" m4 J" R( {" h2 j( lPublished: 2:37 am
6 V% J* k X6 Q! DEDMONTON - 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 x1 R' U# o8 R- [9 B, L- l1 v
( @9 O9 A# {8 c; o- A6 WOilsands 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.3 j4 V l; q. o& ^ ?' i
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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.& c) o! m2 b4 Z2 h' S K3 s
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8 i8 T% ~5 p6 k+ A. a+ K& SGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
1 s2 `' a9 B4 H7 QLarry Wong, The Journal
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/ @& @8 N! w* B cEdmonton 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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; F3 h) W6 F) u5 { P6 rExxonMobil'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.6 Y5 ]4 ^+ q1 k
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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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