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Oilsands an emerging global growth star K# x o' f% @) L0 d/ |# m
ExxonMobil forecast predicts output of four million barrels a day by 20309 _ T; G; |* j2 a
Gordon Jaremko, The Edmonton Journal0 T# N! v* a6 F3 [
Published: 2:37 am
7 g( ^2 T2 p) O+ k6 t) |' yEDMONTON - 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.( I% H+ a9 K1 t; o/ K6 i1 f1 Z% G7 e
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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.0 l& z V2 U) v1 I4 K; f0 D% @7 ?# L
& }% h8 E& P) f) K8 GOil 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.2 E4 x% U( e8 r& T( \
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.( G; f3 @6 w7 t! O) y# q% D |
Larry Wong, The Journal
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# }9 N& c4 q" a/ aEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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) ^9 e3 \+ j2 _ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.* E7 y, D6 d$ x& W, |, t# A. 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.3 b: d- @- W4 ]+ @/ U q( P2 P! b" f
3 k- _8 X: A0 OWhile 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.3 q6 Y' f) I3 m9 M! 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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