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Oilsands an emerging global growth star: E/ L' l% E1 ^/ x( @& k
ExxonMobil forecast predicts output of four million barrels a day by 2030
- u+ J# e, V) e5 H; h6 W7 ^Gordon Jaremko, The Edmonton Journal, ?- N# }9 {' k' e
Published: 2:37 am
2 ?1 Y* z0 f! R$ ~1 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.
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f% j) |0 G7 lOilsands 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.
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. l* z! c9 s: I( ^% _) b8 W# CGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.0 l1 D6 c7 m7 z* b+ y" W! r( P: I' B
Larry Wong, The Journal# g# x, T* ?; k
" @' U- I2 f1 L' TEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.4 Z* z6 ~ ?5 t1 m8 s
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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While no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said.$ u9 _4 O: T) i) G- ]% U' j
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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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