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Oilsands an emerging global growth star
: t& H1 x) j2 u6 ^. L& H% M RExxonMobil forecast predicts output of four million barrels a day by 20309 V- ^* H( L9 N+ |' H
Gordon Jaremko, The Edmonton Journal& w a& P6 ^" r9 G; w
Published: 2:37 am X- D2 H" Z3 v7 X) q z
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.6 `+ X6 K0 \8 {0 e) A) L* _1 x" j
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Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.& y7 Y! R7 Y; \+ z& K' { _
1 i$ Q" s9 s8 `0 M" rOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.% s$ x9 }5 Z) y9 m( ^5 P
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- e& ~" N$ n+ }+ B. V+ B5 [Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.( l4 ^2 v( `) N2 }* c2 H
Larry Wong, The Journal) p7 D# z! v x
9 T9 _5 S+ S" E; s7 N8 IEdmonton 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. f; W( G' f1 R( W1 U, s: T1 r P" x
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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.& Q! i. o2 h: \$ U1 Z9 y3 Q+ y" Q
& \) f. v2 \# ~5 FOutput 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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' f. M& M. l3 P; _1 f0 lWhile 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.1 R# W2 r9 ]" c0 m
\+ f% K# w! l5 s: tWhen 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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