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Oilsands an emerging global growth star
! ^# k2 ~7 @5 E0 J$ p- BExxonMobil forecast predicts output of four million barrels a day by 2030
4 h: D9 J& D6 k5 {: V( mGordon Jaremko, The Edmonton Journal
& h: u5 K2 a1 r9 gPublished: 2:37 am
1 G; M% J& i9 e" N8 QEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.6 O7 d ?9 h8 N" u
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Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.3 m$ b. ^ x* ^1 ^6 H/ X1 f2 ~
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.. P! w2 M+ n, F2 @
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.- ^3 V+ Q3 c% r% R% d0 y
Larry Wong, The Journal
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) O: T' J$ y- M6 h* q* LEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.0 u% k ^, g7 g: S
* \: K! [. Y% ?1 b7 _ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.+ V5 W# e9 {9 K; l2 r9 @0 y% C+ m, X
% g' C6 i3 z9 n5 t2 V3 a" D. b& xOutput from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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6 T$ x$ s; u: b+ ]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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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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