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Oilsands an emerging global growth star
# P0 J- g& E3 k' jExxonMobil forecast predicts output of four million barrels a day by 2030
7 d! ?( l( Y8 O0 q( h6 rGordon Jaremko, The Edmonton Journal
6 Z9 q- D, g4 B+ U4 ?( vPublished: 2:37 am
! B) W) I" l# dEDMONTON - 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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0 f, B; U' \: Z' ~0 {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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c6 E0 \7 c' }; t. C& o( G& OOil 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., w! P& u: i/ o
Larry Wong, The Journal
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.: l% n. @% W# V- M
6 ^" T4 @2 ~' |' E7 wExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field./ \! ]# T: f; y, T) J
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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$ j# m) f/ N9 SWhile 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.; D: v% ^1 q* F& \# u. h, j
% r) P3 J2 W2 I8 r" S) qWhen 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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