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Oilsands an emerging global growth star
' i0 Z* p+ V) A8 yExxonMobil forecast predicts output of four million barrels a day by 2030
. @& F+ G$ z% R2 x: |; T8 ?6 _Gordon Jaremko, The Edmonton Journal1 ]9 F& W i5 C! U) N Z! M0 H
Published: 2:37 am$ B# d7 `% c J/ j; D# Q
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.; K( C2 ^& P% o8 |
. |3 c% T0 c5 d) O5 ?: R2 P2 wOilsands 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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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.+ Z" W9 B0 {" I5 ]% @
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* r: x, [* m0 O) m0 j$ G" y7 M. U% SGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.: [$ o; X* `: V: d7 ~) y
Larry Wong, The Journal8 ~- ~3 K5 d4 W/ \- f* n& D
1 P+ f8 ?6 X1 O. |) WEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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: h2 K+ w! l. m0 T$ U4 t' rWhile 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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