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Oilsands an emerging global growth star' L' ~$ q% \1 F7 u# D9 _: B8 p
ExxonMobil forecast predicts output of four million barrels a day by 2030
, b* t- C& `' _9 G+ D, K# wGordon Jaremko, The Edmonton Journal
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" l9 G/ |) n8 x, x" t; v2 @& oEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth." O, s* |& a0 G$ |! }+ X, l
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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.: {3 B' z7 x2 t; ^/ i4 }
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
+ K' |, F/ e1 uLarry Wong, The Journal
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* }2 F1 c7 n g! gEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.0 i/ b% Q& T& \, m
- ^0 L' V$ \$ n8 T& A8 t0 RExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.2 v3 Z; m, `9 B- H: F% Q6 i
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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.; X. [7 y, H9 F" A% i8 Y
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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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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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