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Oilsands an emerging global growth star
7 i& C* D3 l5 j6 v" S( C' N7 aExxonMobil forecast predicts output of four million barrels a day by 2030
: c3 a: X8 p# h$ w. d% \Gordon Jaremko, The Edmonton Journal; z3 H, O; f1 |$ o, P9 @
Published: 2:37 am' X0 b- C' i: q1 a& z
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.- z7 W. ]1 C0 v9 `" \( H6 D
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Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.5 B) V! E5 \1 Z( l& D! t1 O2 a$ a
$ u/ U: G9 j" A1 d, @( j% }Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.9 \) r+ {: b. k
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* N5 b& O5 d. q1 X/ o' WGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
: f8 t5 q. K0 {8 A( R. ?Larry Wong, The Journal1 O: y7 @; |& a/ B3 d
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates." U8 S& d. e2 H$ d! \' q v/ u
3 F* M) v# q; G _/ ?# D9 w7 nExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.' B: n: _) d9 S; O; S3 m" f* w: P2 `
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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.) f& S. |5 }$ A, p9 o4 P, M
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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.! x$ Y! _ x) Q& Y
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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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