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Oilsands an emerging global growth star1 q! @: T) i$ h9 {, Q. k
ExxonMobil forecast predicts output of four million barrels a day by 20307 r, a: d9 I, N
Gordon Jaremko, The Edmonton Journal$ T4 Z; k0 O& ^
Published: 2:37 am
" }8 f! [& s% `: H REDMONTON - 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.( e- d! }( b2 p; F% A' u& H" F
: h- ?- h h- r2 e% POilsands 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.5 `' i. N4 Q" l K" P }" E9 p3 _
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* G3 | s, y% AGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
$ R) _3 H6 `& W, l- d6 K6 OLarry Wong, The Journal3 @) _3 R: Z3 @- z
9 H; V. q! s t" v0 ~Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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8 i0 c2 D6 S( @( w- e& IExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field. B# l( D# N5 R5 p5 k5 k
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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While no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said.$ X0 G2 v8 S) x/ }1 P q) W/ p
% ~ @: l& r0 N) [7 _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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