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Oilsands an emerging global growth star
: l. O. M; |& X7 I0 `- h+ l# ~ExxonMobil forecast predicts output of four million barrels a day by 2030
9 [; R/ T/ S% }' eGordon Jaremko, The Edmonton Journal8 ~5 ?0 T/ Q6 j9 f" {2 V
Published: 2:37 am
" j* o; w: U2 n) T9 c! k* mEDMONTON - 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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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.' N8 b. y1 y; r2 G6 t/ `
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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.. o5 d5 E! d8 i% w, q
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3 o' [0 S7 E0 C/ @3 C4 V- j S/ gGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.: G7 \ l4 Q6 Z; Z
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.
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l. B) W. @' D7 K3 aExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.& k4 R' P+ M6 {% D
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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.2 g/ m' C5 G8 ]" t) {
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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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