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Oilsands an emerging global growth star
$ {8 T( }5 Z5 h3 a6 u9 S/ v# p& v$ O$ tExxonMobil forecast predicts output of four million barrels a day by 2030; I% Q) m- _/ x# k+ ?" f
Gordon Jaremko, The Edmonton Journal: e7 A# J3 N, m7 E) u+ N$ Z* S) Z7 ~
Published: 2:37 am
9 u0 c6 |. b/ A6 ?: c) gEDMONTON - 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.% g! n! `8 `) Q1 `' e9 A
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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.- M6 R) g2 D% d
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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.
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' B5 F4 a J; I) w9 a! a+ J1 [3 F* g- q; pGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
! b- l; U: m+ X+ S- B2 q; B' T. p; s0 a/ RLarry 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.- g( a# m# y2 \0 b1 I5 d
+ \. L" W* b" NExxonMobil'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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! _+ d, z6 B; e' k* W( IWhile 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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