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Oilsands an emerging global growth star
% e2 b- i& {9 ^; p+ e) SExxonMobil forecast predicts output of four million barrels a day by 2030
# K5 ]0 g0 C5 H2 r# \( {9 n$ k5 }Gordon Jaremko, The Edmonton Journal
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EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth. Y& O. O! m3 [3 e5 E
% W! z3 b$ I7 {+ M$ G) J: bOilsands 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.
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday./ G, {. h% f j, t1 O" ~" X
Larry Wong, The Journal. u y' m% M4 d0 p" o1 R& F9 p
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.' |* H& u9 ~7 c0 t( `+ G
; x- Q& ~3 @7 B: W! \, cExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.+ m0 { k7 S/ {5 K0 q
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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4 B* C: w9 T$ tWhile 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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5 b X& C' }$ P3 F E4 ]6 X% v3 f/ C: IWhen 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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