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Oilsands an emerging global growth star1 z$ n4 s- x+ J# Q m' Z8 O
ExxonMobil forecast predicts output of four million barrels a day by 2030* \% ]. t. R' g1 X8 n* J
Gordon Jaremko, The Edmonton Journal
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& H5 w/ J) W! W: I, ?6 J @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.* ^3 ?" I7 T1 Z6 n& ^7 ]) B
' s! P; U: y+ t- k# cOilsands 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.. H9 M8 w0 d/ Y3 W0 A* A+ {
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.0 \* y! c* j) _3 g! o
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9 ]' V# ~$ g3 R, |/ eGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.- a7 G9 s6 U3 U7 L4 k' N
Larry Wong, The Journal
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: R b& O) L5 r7 ?! yEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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/ l' P7 J. N r: I# @8 l7 zExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field., j# s- D& u8 F+ w9 P; m- l
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.# o0 q( ? j- P$ r
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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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