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Oilsands an emerging global growth star
* q- q' w0 h O" f- x- v5 bExxonMobil forecast predicts output of four million barrels a day by 2030& w6 z6 I% K+ e( W) L
Gordon Jaremko, The Edmonton Journal. l5 p) Z. ~% G' h
Published: 2:37 am
8 C5 @: Y q9 d3 @& G; tEDMONTON - 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.) k7 y Z: q- d; l
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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.+ X6 H; V* a5 a% H, }9 C* s
# L4 p6 p: U N6 z2 w2 I4 gOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen. H; b* |' Z: P" z
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.8 x* O/ O# M$ i* u# j8 e
Larry Wong, The Journal0 m2 ^' q W: z- ^% e2 a8 E6 I" l
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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0 c% L# G9 Y, E- n! D) yExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.2 ]8 n9 ~5 i. D6 N9 ^/ M
5 O- {" O* ?+ `8 U4 P( `8 {) YOutput from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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: D+ I. H( I2 a8 H" R. o- L) `% SWhile no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said.
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. |$ r5 E; F- D/ ~8 [* @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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