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Oilsands an emerging global growth star
7 b( z- t' T- vExxonMobil forecast predicts output of four million barrels a day by 2030
2 L8 \; S0 V) z2 hGordon Jaremko, The Edmonton Journal$ }) C6 C( a0 A: ?" r' u
Published: 2:37 am
* V1 A- t5 _2 m& o$ d5 ^EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.! S0 V5 _6 P5 O% D" [
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Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.
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8 q: t: G% ~0 B$ s) 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.6 I5 i/ i% `( E7 z+ [
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
+ g5 ?/ N7 |7 p- |+ VLarry Wong, The Journal! D; K" G. K3 B( r: K) ~5 n8 ~
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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/ T/ R5 M; O: O6 L* x3 i9 _+ C* FExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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7 ~6 S$ n, L2 |: G3 I" ^' eOutput 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.7 v7 O: [( `2 H
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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.+ X9 ?5 i0 B: D f1 V' N
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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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