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Oilsands an emerging global growth star
. ]6 @( W: @% U. @/ IExxonMobil forecast predicts output of four million barrels a day by 2030% p, y! ~7 n& |1 D* I) O5 K+ S8 d/ t
Gordon Jaremko, The Edmonton Journal
. N7 w* c+ }$ X. x8 l6 h9 ]4 v/ _Published: 2:37 am7 w- Z" P5 X& U/ e9 l0 |
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.+ X4 u7 ]7 b1 y! k/ G' S
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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.
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6 P( B; W5 f* ~( [1 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.5 T+ f1 F3 f1 q/ N# O" ?
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.& ^) Z3 b4 x: z6 P& w
Larry Wong, The Journal
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! t! j8 q! J& v) m( ^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.( S5 d- U7 r# I
( E9 o1 H6 O) vExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.- H. q! V5 s# t
' F1 w1 C W: B% F3 H4 uOutput 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.* S& Q- ]* [; d
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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.
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6 d6 Y" c. o3 l/ \7 RWhen 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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