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Oilsands an emerging global growth star" l* I9 G* |- K; ]' w, y
ExxonMobil forecast predicts output of four million barrels a day by 2030 s9 N- z; I% }- _; `9 j
Gordon Jaremko, The Edmonton Journal6 |5 M& q4 q9 \4 e2 H3 l
Published: 2:37 am( X9 k- ^/ C |3 d& Y1 p, ]' A
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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) A2 _3 x' u" D/ i2 P$ i2 H- vOilsands 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 $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.- F$ r, _$ b8 h) u
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# O6 z6 o1 y; W' W: n2 U. MGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.: A; S0 ?4 ]- S7 o
Larry Wong, The Journal* b! J2 O8 a# Z: V: D4 A4 Y) y! I: d
+ x4 j7 T6 Q) t. E5 I {( T$ BEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.( e: E+ s8 m; g* u+ @
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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) N" y* O1 _, iOutput from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.- b- [/ @/ |6 |! x! |- a
F! ?% f7 {4 _While no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said.; u. N0 \9 p3 h& _$ C/ M0 B* p
) q0 d& E# j' g- C3 Q( U) vWhen 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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