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Oilsands an emerging global growth star: ~3 g8 D# x9 w, ^: U! v2 k5 _
ExxonMobil forecast predicts output of four million barrels a day by 2030" Y7 y1 W& A' `5 |
Gordon Jaremko, The Edmonton Journal
) v( G4 v; r. @% m4 wPublished: 2:37 am g* H" A' t, P1 @1 p' j0 ^
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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3 h* Q9 q7 Y! k$ eOilsands 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.' l( [0 B# z7 t3 M
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.% r% N1 k4 a: W9 g$ o7 {6 O
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.0 F! C( u6 e! K
Larry Wong, The Journal w( Z# D5 J3 U8 k4 ]
4 P1 u6 j1 J$ R2 s% z! \3 w5 OEdmonton 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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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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5 W1 ~5 p) Y; u tOutput 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.' v& C9 ^& [- R' W, |
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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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9 f, T9 C' k6 k, DWhen 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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