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Oilsands an emerging global growth star
+ J, v( A( ]; S1 X+ {ExxonMobil forecast predicts output of four million barrels a day by 2030+ P/ w# p' I9 b) y' v/ G4 B
Gordon Jaremko, The Edmonton Journal; C* Y" D, Q7 Q9 a
Published: 2:37 am
" l& c8 q9 Z+ j/ _8 J w* GEDMONTON - 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 {& s# F) c8 q, n& l- m0 j& R
/ \# y2 q3 K# P3 V+ @5 p' BOilsands 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.5 \/ Y6 x* I1 J* O6 W; L
0 O9 Z: F7 D# P, W- |% B8 m9 nOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen., a) R: U0 l9 C7 m6 N
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
' U; A! O5 U5 p+ j7 V8 x$ v3 yLarry Wong, The Journal% {; l& z# m6 `3 ~4 J# D2 n
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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* a, o' w7 J" C( X# z# U, ZExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.% [; k* p; d1 c) O: a3 }
1 x6 [9 x/ I4 E: M9 }+ hOutput from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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. T/ u8 X; k: Q; PWhile no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said.
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6 l* S! v8 T" a! R; S2 }$ @0 OWhen 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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