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Oilsands an emerging global growth star
/ e, L: ]* m+ l' f6 \9 LExxonMobil forecast predicts output of four million barrels a day by 2030
- ]$ H( m" z" y" n9 A {5 m! i& aGordon Jaremko, The Edmonton Journal" D& I3 t0 v* B O2 f: |9 g0 B
Published: 2:37 am; [) @/ ^- U! P+ Y) b9 @9 ]5 v
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.' A/ v3 W# d$ h7 n5 _/ l/ L
8 `2 \3 j# S$ f- I! O( M oOilsands 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 $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.3 N% X4 s; a, D
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. L0 U+ j) C7 f. I2 G( ~" oGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.6 g% Q9 Q1 @5 M& l2 q
Larry Wong, The Journal/ x' s: i- w2 s. ?* M
! {* \1 {; I$ }' Z, xEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.6 b3 n& c- W$ y, z% |1 i
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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.
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, x4 D0 K: S6 S$ lOutput 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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& N$ A7 d# D4 _* o( EWhile 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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* |5 x$ c9 G4 _5 D; j4 K/ ?8 n s0 \: kWhen 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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