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Oilsands an emerging global growth star
/ M! K0 {* N3 N% V' P" K' |ExxonMobil forecast predicts output of four million barrels a day by 2030
: C1 p! K" ]- o' RGordon Jaremko, The Edmonton Journal1 F7 s8 A( W" Y* Q- @( ^
Published: 2:37 am
Z: a, ?+ O# I" ^( R6 k$ `) WEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.' B7 D+ m! c& U) v+ C5 d: S
- t7 N n2 Y$ H6 B: sOilsands 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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X% x. C6 ]1 v7 yOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
" B3 m$ q, O- [, TLarry Wong, The Journal2 @# p* q3 K0 k" U
1 _7 v& Z5 a: P$ M5 |5 N1 }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.
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. Y2 V; S6 f5 f: W0 G3 c8 wExxonMobil'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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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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# @9 {) d0 w" t# I; HWhile 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+ M6 E% U& U) L3 j
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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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