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Oilsands an emerging global growth star. n0 Z- z# C! g. N: }7 r# c
ExxonMobil forecast predicts output of four million barrels a day by 2030
$ z' l' m3 Y+ K. D7 f5 jGordon Jaremko, The Edmonton Journal" d) L. H5 {9 v+ V/ g8 f5 e. R# q
Published: 2:37 am
! F5 a' D9 X9 s6 lEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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; r# g' b( z0 c1 IOilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.
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$ m6 B% H. N1 S/ F, u; R! IOil 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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- {( r2 d8 i7 p4 Q" A& LGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.& N2 r c0 |. e
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.: M: n; W; l8 p# [( C+ ~# D5 z. V7 S) U
( m4 _& S/ F4 tExxonMobil'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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; H0 I6 C! c7 t1 P5 ^; MWhile 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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+ {1 ~0 ?% ~5 p% A& m. RWhen 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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