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Oilsands an emerging global growth star5 L- W+ \0 R b2 x. [2 F$ @
ExxonMobil forecast predicts output of four million barrels a day by 20301 T& K) }% @# p, o/ w% c1 |! b, c& \
Gordon Jaremko, The Edmonton Journal7 g' x' s, o) r7 b5 ^% n
Published: 2:37 am
9 b- Y0 m$ o$ m$ ?EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.' ^+ K* ~& {6 P; @
- I, U; g% F* }5 q: i) C$ qOilsands 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.; O8 Q4 K4 p' O) V% U
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4 Q- p: c: X7 X; MGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
( r. m& G3 ]. U1 o ULarry 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., p% B- l1 }7 l# T
$ u# L7 Y* y1 YExxonMobil'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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: R. p' J. |. U; F. {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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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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?6 f* d# `" Z' Z$ FWhen 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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