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Oilsands an emerging global growth star
% J r" v# a$ \! uExxonMobil forecast predicts output of four million barrels a day by 2030
6 \4 |, L4 E0 cGordon Jaremko, The Edmonton Journal( n' f& T7 V& U# |$ l
Published: 2:37 am
: Q, B/ y0 L- C8 m$ AEDMONTON - 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.1 y- p7 b* }1 t! _) c/ g
- U8 E6 q# ], \+ YOilsands 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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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.4 }: J, ?0 |6 D
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: v0 d7 x- j* o8 c0 M! [Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.8 H- v3 t( p5 k: P7 i" l
Larry Wong, The Journal
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.2 L' j' n! W, j$ `, G
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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.0 J7 ]$ s4 V. Y) Y% V9 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.; S4 H2 ]# |; I, w
2 P. J" Y$ I0 C/ m5 KWhile 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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