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Oilsands an emerging global growth star9 l9 \, M3 @- A
ExxonMobil forecast predicts output of four million barrels a day by 2030+ A. e8 l' R, |- c! R
Gordon Jaremko, The Edmonton Journal w* V; _: d7 V m% M' k% b/ m
Published: 2:37 am
: K% ^+ E2 _9 k( ]; q2 u/ J7 uEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.1 a* G. z" w2 D) L' C' {0 d
6 W% e! D4 f! z% E9 h. s4 NOilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.6 a& `: Z& a2 Z$ @5 A
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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.
5 F3 N/ Y+ u3 ^3 r3 X4 Y3 ALarry 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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* D `* p# s1 X' R. N! U3 e& PExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.7 s( r( m% I" Y' q- p4 R' x
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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.9 l& T, `8 @6 L) t3 _
# ~% G2 d3 ~: U8 D+ PWhile 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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