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Oilsands an emerging global growth star
0 H. Q% A9 G: g# vExxonMobil forecast predicts output of four million barrels a day by 2030
- l- A' W% E# i) ^Gordon Jaremko, The Edmonton Journal
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# t$ F) g" b, BEDMONTON - 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.
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+ N! Z3 C( m6 t) x' [/ POil 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.. _+ x& ]" t3 J% r c! ?
Larry Wong, The Journal
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Z! @6 q; D3 OEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.6 F$ L6 D' u1 d# Y
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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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5 ~( l0 }6 _' g/ o$ dOutput 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.7 v" R: ?* |) M M
1 Q) K) q R4 j yWhile 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.+ |2 n! h5 A5 m; L! s" ^1 X
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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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