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Oilsands an emerging global growth star
4 A, ?. ~8 Q6 AExxonMobil forecast predicts output of four million barrels a day by 2030- U& _5 l; R" `% I) T
Gordon Jaremko, The Edmonton Journal1 z, A2 h3 R! q+ x9 o' |- [- Z
Published: 2:37 am$ Y4 w M$ |1 b+ `
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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- Q! @/ q9 |* m3 I6 b; e# F# QOilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.1 [: N. |' _$ j( L8 f
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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.; }( |& k: T, d! }( z, d
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5 d6 k- h0 m5 ~# k# Z3 C View Larger Image
3 q8 {* b. ]* {/ V: N6 w9 kGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.9 f% C) E9 V b
Larry Wong, The Journal+ j. r. }7 d8 m* B5 \) {0 s/ Q- ~
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.6 d3 U$ V# L& T" O" w0 ?
1 D' D4 C, l9 m% ~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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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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+ w1 D) B" ]9 S2 Z5 P; g nWhile 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.; r( P. O2 g" m, H% Z
! h$ M) d- M: P" \: 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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