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Oilsands an emerging global growth star
8 c: r) Q i3 Z* eExxonMobil forecast predicts output of four million barrels a day by 20301 [$ |+ p) P/ {( i9 H5 W5 L2 b
Gordon Jaremko, The Edmonton Journal
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9 ^6 q( `% r4 c% m ?% ?( F* ZEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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' D+ y/ N# V8 j p! _" [3 @+ a8 cOilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.$ J5 h8 j+ G1 k* ^% L2 I
- i! X" ^* k6 e0 O9 ]Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.5 `5 t1 f3 o; U6 b6 E
Larry Wong, The Journal( {# g7 y# H. N8 o( F: B, q$ [
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.0 `7 ?8 g# S8 }, M& y. k! g! Y$ i
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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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.
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/ s: b( C( G m8 n8 ?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.* y; m, L/ a; C" @' k9 f2 ~ H
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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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