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Oilsands an emerging global growth star# t: G* D' I" L/ p: w2 f
ExxonMobil forecast predicts output of four million barrels a day by 2030
4 M. U6 P+ W- @4 j0 I7 CGordon Jaremko, The Edmonton Journal
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EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.& E8 ^( [5 e8 P5 b2 ^0 ^
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Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.7 z/ z$ W6 E" B2 [$ L
) ~7 M* C+ X c2 D5 T2 ` {) k4 COil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.( G- Z' @: u9 R; r6 W! d9 j
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, O' `7 C K$ V2 `$ d# GGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday." ?5 E: k& j K
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.
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.2 Y2 Q( G+ p7 r: G
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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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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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