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Oilsands an emerging global growth star. P+ u. ?1 W! w2 b
ExxonMobil forecast predicts output of four million barrels a day by 2030
- W" I. p/ O- d$ }0 z0 gGordon Jaremko, The Edmonton Journal
& s. j2 P1 v. w$ GPublished: 2:37 am$ E& C C+ H$ g$ }5 P! l7 X
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.4 i: J9 V/ U& {. Z4 k
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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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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.; ] a0 o6 U0 N, U0 I8 Q
Larry Wong, The Journal
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.2 E+ F' H6 B* n0 J/ f3 ?
6 U) C- n5 I5 j, ~# mExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field./ k* ~2 M* ]+ M+ _+ e3 Z9 i- i( {7 J5 z
% F0 c4 X4 r$ t1 T& [( L2 Z/ f7 TOutput 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." T- p0 F( a6 B( }, q& a
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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.
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- e* ?. W8 @3 l2 P9 R9 G4 [7 cWhen 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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