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Oilsands an emerging global growth star; u2 K+ s$ w" T4 x n
ExxonMobil forecast predicts output of four million barrels a day by 2030' t( L. c u+ l1 L# t7 F
Gordon Jaremko, The Edmonton Journal
) R$ o* g8 S* Q. pPublished: 2:37 am
' j8 G. h/ n; L# j8 w7 QEDMONTON - 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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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.6 g H8 p1 a2 m% ]* a- a
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.4 f) \' T9 V2 T% }- i5 T
Larry Wong, The Journal+ Y: C7 f4 S9 P8 g
: j9 v% N" |, G$ K+ [! Z; NEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.1 P& r R) m9 F* f
5 O! z# _& a6 O- v* \ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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9 t# ^5 g+ w( r* lOutput from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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6 C, D2 Z |. ?, ]& ?# }While no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said.* @1 V- T2 n$ R! u
9 z2 |* s+ t% c1 @- M$ s% m5 vWhen 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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