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Oilsands an emerging global growth star
+ H$ m% L# h! o2 c9 h& F: a& XExxonMobil forecast predicts output of four million barrels a day by 2030
/ `4 I6 t' v/ C6 A2 b% F+ y' w1 ]Gordon Jaremko, The Edmonton Journal
. G' X' ^" ?/ F8 WPublished: 2:37 am3 w6 E" }4 Q7 O2 j. x
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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. A4 Z8 f6 B2 D C6 GOilsands 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." r/ f+ w1 A# \
: j& @, R# H0 LOil 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.& ?, R9 E0 i3 \$ T2 E7 `/ u
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.5 E/ B# L3 f0 n0 @/ h! z
Larry Wong, The Journal
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, D5 m9 q/ A" _. \* P. M4 N `Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.5 D0 k* }2 r- @& U; t1 ?( o5 K2 V
" W6 G8 z5 f: y! [3 sExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.+ j* z0 t! x7 Y# Y$ O0 k+ p
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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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2 L* d. B7 E0 _! N# M" D+ _: m; _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.! G, B% f% L5 w. I; s& {) l
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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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