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Oilsands an emerging global growth star
3 ^0 \; k5 V! n8 \1 {. F9 O6 s: a2 EExxonMobil forecast predicts output of four million barrels a day by 2030
- x2 c5 g; |+ ~, K2 q" y0 J5 rGordon Jaremko, The Edmonton Journal/ n4 `8 d5 C0 q: I% r! g
Published: 2:37 am5 M4 \7 P- x3 o
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth. U8 O$ M' F/ A
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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./ \5 [/ e8 j0 M, E# G8 N# D* M; P; ~, n
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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$ G7 I! G3 G: N* x( q View Larger Image$ D/ C' ^( j+ ]1 t1 j0 C5 y W+ W
Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
3 s+ I) ?- y& C* sLarry Wong, The Journal
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; V! B5 x% m# WEdmonton 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.. k1 u# [) \6 b- {( T
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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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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.6 |7 }1 q- ?' t9 c( x5 n
/ z6 |7 k b1 Q, r+ l; W# }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.3 e8 ~, ^9 p1 d; }0 j
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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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