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Oilsands an emerging global growth star7 s% c: a! }$ p: p7 b& r" V/ P8 g
ExxonMobil forecast predicts output of four million barrels a day by 2030, x7 n1 t4 y5 H* H R( d& I, w% G
Gordon Jaremko, The Edmonton Journal
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EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.% j0 S8 l+ y$ T3 ]: O& t
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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5 M6 W% U* I4 N5 zGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.0 `# M1 {* ?; ^! p3 e8 R$ `' G. c
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 $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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8 P- K" |' \8 K0 f5 N7 s5 vExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.- Y; X, \1 }' Z E) U
v( {3 T% n: b UOutput from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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* S. {/ b7 D$ S$ ~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.' i( d- ^4 T7 T3 \4 A& F
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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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