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Oilsands an emerging global growth star
' W4 ]/ f" r, l U7 GExxonMobil forecast predicts output of four million barrels a day by 20300 R% D! O( [$ X7 g, |: h
Gordon Jaremko, The Edmonton Journal
/ W1 `! V: o; K8 u: p7 @" D5 cPublished: 2:37 am5 \ K% p% o- n3 c6 Y) c
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.+ b! e" g+ z' w9 _* a- \. I
8 w3 `* V% a$ j8 [: h/ [& g% x |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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6 ^% X& K P* [( r+ m- C; HOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.* Y/ N# ~9 E. x4 n7 G' T4 X
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$ i1 c/ }3 Q6 c5 ~ T3 O3 NGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.6 L# W0 Y5 x6 q1 e* [- `2 X
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 $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.: |5 c' v8 [. t$ [3 T
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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.
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& w% D. {- J) E, D: LOutput 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.' x1 A4 K& S9 E! E! v! Z! L
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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.5 V2 I! G: k3 u) A6 k+ t( p1 \
' Q& I3 M7 r" Q* [' e$ E/ i) U6 TWhen 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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