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Oilsands an emerging global growth star
9 }3 p+ ~5 `* |4 M+ ^9 yExxonMobil forecast predicts output of four million barrels a day by 2030
: r; Q$ y3 s& i* \4 ~- q4 p7 kGordon Jaremko, The Edmonton Journal. H& u/ ?$ d: x6 N: t
Published: 2:37 am+ x5 K: u5 R! c- ~1 N* d
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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" ?" [5 v5 B; dOilsands 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 $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.% W5 w/ J, r& D6 C& H- o# C, P
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' E6 @( A) }! H( |% R; NGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday., f! K1 X' ?* J3 \# S/ m9 U" p/ v
Larry Wong, The Journal0 W" w: ^9 k9 ?2 k6 z$ c, W, V3 Q! {
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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$ O1 e4 s: `5 k! @4 X! q4 c% fExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.# f+ [) }. I2 L) m+ z: `
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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.% N- H' {% } ?+ }7 Q: e1 X
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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.
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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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