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Oilsands an emerging global growth star
8 \5 r g8 L t( h( VExxonMobil forecast predicts output of four million barrels a day by 2030" F3 o* x" `6 }6 f% z& C% B9 y) g
Gordon Jaremko, The Edmonton Journal
) N9 U# T7 H" {1 i, R: QPublished: 2:37 am5 O! R5 x, {- G* Y. Y, T& K/ B
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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' i7 {0 v3 h# b' K: g5 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.2 J' n. r: p' s; a. ?4 R
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.4 [+ G" _# q' v" h9 w$ t
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. M! Q6 l V. K8 KGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
; E+ p: p2 J. y, t K3 v) ]# QLarry Wong, The Journal
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.5 t' O: W+ J3 S
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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+ d) w+ X& V1 [2 e* {0 C* G2 UOutput from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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1 X. O$ u/ s3 ^9 W4 l YWhile 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." s% y- c) X1 Q# g% d
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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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