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Oilsands an emerging global growth star B# O' C& ^" j6 Q
ExxonMobil forecast predicts output of four million barrels a day by 20301 ^) G- W: Z+ f
Gordon Jaremko, The Edmonton Journal+ E/ T& s( `0 w, B
Published: 2:37 am- E' f3 O8 R- D8 B l
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.& n) Q" x* T$ S. N- q8 A k
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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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x- Y6 E' }7 e6 V& H' fOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.1 ^8 e' s! A! Q+ d$ R; Q& A
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
, I/ {. ?6 b3 q; W7 ILarry 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.: J( H3 \3 x7 R4 f G. f6 p5 q
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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.. H0 Z7 H8 }3 d0 l" [( N _
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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.+ W0 K* p7 f# K& R
7 D4 m8 j0 i# Y) Q8 h/ K+ Q# LWhile 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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