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Oilsands an emerging global growth star
5 i& [* U' a9 k# \. k) O; ?ExxonMobil forecast predicts output of four million barrels a day by 20309 g7 y" F0 P* K
Gordon Jaremko, The Edmonton Journal$ s$ _+ T* i& s% G; n. {7 C
Published: 2:37 am
3 G/ C8 X0 B; y$ `( f" nEDMONTON - 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.
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0 S1 h) N3 Q+ g, P3 v4 P4 qOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.* W& u1 @8 h y
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* @. W0 c# x$ i' ~; e0 K7 B; k0 C$ {; yGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.1 f7 _; r: f* k& B* b' D
Larry Wong, The Journal, S9 D- Z3 A$ u1 H* X
- H# U2 o8 C, f7 w# ~& W- c2 v4 l8 Q; OEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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0 @# P S! F$ q+ P0 SExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.) [: h6 d/ P/ S% O' j
6 `( |( L: O S4 z+ W: ]1 s" s, 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.
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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.+ E+ c3 b- Y( g
( g5 y/ a6 C" D, D5 E; h1 B) c) rWhen 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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