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Oilsands an emerging global growth star
( ]. r: {# r; w6 gExxonMobil forecast predicts output of four million barrels a day by 2030
& f1 u) g0 h, \$ c% m, `Gordon Jaremko, The Edmonton Journal
! I% }" [9 r2 W! C! K8 \; uPublished: 2:37 am8 n. ~0 l8 s7 u2 H# @/ J
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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. P# t! i. \7 I4 P1 ^5 aOilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.
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$ W, N0 P% y; aOil 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.4 L! h+ c! c& U0 V6 ~. p M; A
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, h% U5 }3 \. A0 U% bGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.6 @9 E7 ?/ o: {9 G' [
Larry 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.4 l& q" B* V' \# m# S
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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., r, y' s& V9 H
$ d9 ]& |& w1 l+ Z$ b# `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.7 h+ D% y7 ]% z! Q+ {
8 } e. R- O8 z* F2 n7 k. CWhile 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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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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