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Oilsands an emerging global growth star
# J) V3 |2 m" {5 g/ L# DExxonMobil forecast predicts output of four million barrels a day by 2030
0 m$ I4 P; `3 m5 u1 tGordon Jaremko, The Edmonton Journal
. b7 j- J& H M. tPublished: 2:37 am
5 \+ u' j; G: ?( j6 _ Z6 o$ @& fEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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3 u' J' X! y/ b9 b$ lOilsands 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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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.+ {, s4 l4 B7 _: {2 Y3 l
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% I6 Z1 B( A; F7 wGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
8 {. X5 F, j+ T7 E7 t+ kLarry Wong, The Journal- b% G+ W( ^" T8 ?
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.1 |) [- m3 V* p Y( U# \1 V
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.- a$ l, k% I$ P: n/ U
0 W5 T. Q: w4 M" qOutput 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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% Z5 D! Q3 e6 o; [$ M0 ?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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) k: o! b- z0 b' r1 B. g) s! ]$ K! BWhen 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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