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Oilsands an emerging global growth star4 ?! }1 b6 c& x) E6 T, ~
ExxonMobil forecast predicts output of four million barrels a day by 2030
3 j3 U4 Y9 G% p* T# EGordon Jaremko, The Edmonton Journal
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; S R5 ]$ l6 [( z' F1 P0 CEDMONTON - 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.* ~ H3 \) E | A( ?) j
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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.. c( |8 R4 T/ Y* c, U7 \7 @$ T
- M% B) H( Y4 H" d k" h$ P& IOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.( X2 N3 n* k9 J" _0 g$ F5 j2 t$ U
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/ E/ b: }, V% T; z, K+ |, PGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
3 H M" s' a; |& t0 c$ \3 iLarry Wong, The Journal8 O: P- O# E; \( u8 s( {
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.) l! P2 m. \ m8 S' v8 C
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.7 e. z2 W( L$ H. y: u
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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.1 j$ s" q* B) e% r/ Y% c
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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.8 T1 E) J. Y: K1 Z4 j3 @. e' w. `3 v0 @
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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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