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Oilsands an emerging global growth star
% y8 }7 ]& {/ `- {" z8 P& f# tExxonMobil forecast predicts output of four million barrels a day by 2030
2 z" T4 j+ A* t. l# [, {3 c4 p% A% nGordon Jaremko, The Edmonton Journal& N4 g! B5 w& [) P1 ?
Published: 2:37 am z% i7 o/ K J. c4 j3 x. O8 }
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.( d: b* d1 {) h% N
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Oilsands 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 $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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& w3 y# J: T! N; L+ w8 T3 ~$ R! j& RGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
$ a0 L4 \% I! ^, T/ t5 Z _- ]/ DLarry Wong, The Journal& [5 u1 H& l' P: x/ X
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.8 V8 L Q2 _! A; C# Q* d* G8 G
# |% Y+ d" e9 U& @! j/ OExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.8 Q4 U" V8 Z$ L+ `' h
, W- X7 D" m' w: mOutput 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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0 B8 a4 _; N% J3 x* B* M; 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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6 g& D9 c3 O' V5 r' J# X+ r0 l* ZWhen 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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