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Oilsands an emerging global growth star
2 }; x m. k5 k+ p$ aExxonMobil forecast predicts output of four million barrels a day by 2030
~! {( S7 P w& G" }1 d" c6 ]Gordon Jaremko, The Edmonton Journal! }; _& r; y9 v/ a: |. A! H0 k
Published: 2:37 am
4 g, J/ q' [& fEDMONTON - 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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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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" x$ a- S& s4 uGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.5 s A$ ]5 V1 Z, e1 |6 z
Larry Wong, The Journal
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4 m7 w, G. F9 U1 C5 }* bEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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% X% Y1 t; |: j$ R! MExxonMobil'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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' g) J$ v1 Y! W! ^% [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.& B7 \. n2 H5 S3 b/ |+ 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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