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Oilsands an emerging global growth star
; }9 O% X1 l/ f; T9 A% j* JExxonMobil forecast predicts output of four million barrels a day by 2030
( L7 o4 G! f2 Q+ W1 [Gordon Jaremko, The Edmonton Journal# g) [" c% a& h0 W* @: N/ n) w5 S9 b
Published: 2:37 am8 G" |/ d0 E. f w! z* I
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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) |, I( Q7 D: H- N; J2 g# i5 jOilsands 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.0 a# E a1 r8 P7 ~9 h1 R
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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.
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
) D+ h1 ]; e: u- OLarry Wong, The Journal
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* ^) W0 K/ T; L3 S; Z, pEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates. t: G3 o5 s6 v5 ?1 b* y
6 Z0 e0 U' {, _' I$ v& m, yExxonMobil'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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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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$ @- `1 \4 w$ d/ @" \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. `* P& {) \' M# l. s* H$ E2 [
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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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