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Oilsands an emerging global growth star
. M f5 f" S' {ExxonMobil forecast predicts output of four million barrels a day by 2030% D9 b! a1 D: V
Gordon Jaremko, The Edmonton Journal3 C0 C4 [" D' [7 `8 j, k
Published: 2:37 am
3 g/ V, o5 l1 s) q% I0 ^0 WEDMONTON - 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./ ^5 h! C, \/ S9 L0 B
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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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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.; \9 `" v% A9 w# g6 p- N
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
# _6 h% H+ W& O4 A* r n j; mLarry Wong, The Journal
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& [7 P$ ^# b0 M2 n- DEdmonton 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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# H5 d! W) B. u3 uExxonMobil'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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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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* C2 z, {6 |8 K a4 t8 q( p/ bWhen 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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