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Oilsands an emerging global growth star
/ a" q6 T f+ j0 c8 \/ d1 h8 B. aExxonMobil forecast predicts output of four million barrels a day by 2030. ~* q9 e& L0 m3 y/ k7 W3 w/ u
Gordon Jaremko, The Edmonton Journal6 S3 ~- k7 S: [% m
Published: 2:37 am
9 ^! _; f) j* j& l& {4 v6 |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.
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% n4 m9 {6 Q2 s3 Q3 b0 n- ]8 X1 O7 GOilsands 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. Y4 G3 u& S' m; v
/ P( I! P4 b4 R' g8 j3 L1 ^, t7 g% \Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
6 |7 G4 B5 A1 z FLarry Wong, The Journal4 q$ X) H7 V- e6 _% |% B' R
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.) \4 U: h2 d3 U- H. y W
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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0 o' s# @, f Y: F0 R/ k. R3 VWhile no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said.! @9 U# D& d8 F- d* H; r
3 U$ L! w! r; U4 h EWhen 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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