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Oilsands an emerging global growth star# d# l; ]" T2 K: I5 I b9 s
ExxonMobil forecast predicts output of four million barrels a day by 2030
7 x s1 A6 s# V# K J- z9 fGordon Jaremko, The Edmonton Journal
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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., ^: Q0 R) ]. V- K* 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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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.. \) v3 i0 Z% s" g6 U2 W, B
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9 Z! r/ V) U, w. k) ~# c, c0 XGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.' }; Q7 C* @4 x, }; P
Larry Wong, The Journal
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$ U( t4 w: i* F4 ~- t& v3 S4 }Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.3 F6 ~- Y6 L- @- I8 W1 a2 z: D" p
1 {, \' c% F+ ~. _$ @. `' `$ r: AExxonMobil'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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6 G# s+ C$ O5 l* p" R gOutput 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.5 {' e- I) ~, {
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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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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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