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Oilsands an emerging global growth star
! V( z: p, _- H! o! @. g. mExxonMobil forecast predicts output of four million barrels a day by 2030 A$ X. l5 s( F k8 O: C W
Gordon Jaremko, The Edmonton Journal+ i4 r+ F1 z. ~4 ` |: _0 {3 G
Published: 2:37 am
U' y: ?! `' E5 B& i( TEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth." w+ z2 m! R. F; u, H# Y& q3 E
* r$ J0 l: p: K; S+ h" N' tOilsands 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 |! ]/ `$ r- |) ^" ^2 p6 Z5 g0 r
2 ?$ i5 m# @5 N6 R3 p3 jOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.- {' G0 B- Y- q# c
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7 N7 T! G m) mGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
2 o/ r) g6 b$ L. w$ t+ yLarry Wong, The Journal; E, J) v7 Y$ c& o5 X
: R) n. Y7 `& d$ o1 ~+ GEdmonton 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.0 _& e! ]7 [& l1 y
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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." \) c$ q1 K# J8 l
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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.
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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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" h' W1 y( t, `% r1 i& x4 uWhen 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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