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Oilsands an emerging global growth star
2 D# b# f9 B0 c1 e% L" hExxonMobil forecast predicts output of four million barrels a day by 2030# q( z; c) e. X' }! Z9 ~7 |
Gordon Jaremko, The Edmonton Journal
' m/ W, ?. K8 E1 {# A' I. rPublished: 2:37 am+ O9 J& d# N7 ~$ ?/ Q
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.& p, R2 |+ J( a" w1 p! |" U+ ~ K
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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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1 w7 ~1 j. F! U6 N6 T' DOil 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.9 F* `) v- s, o6 J2 o+ e
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
A0 Y& W9 f* y- c nLarry 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.
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& x+ }" r5 b0 n: C9 b3 b& ]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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# Y7 T+ ^4 J5 R1 Y: I6 ZWhile 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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/ a4 P1 b1 ^' f/ _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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