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Oilsands an emerging global growth star
! C1 f- |- E8 B( c* yExxonMobil forecast predicts output of four million barrels a day by 2030+ Z3 h4 m& l' N) Q+ F t
Gordon Jaremko, The Edmonton Journal
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EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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' \6 I5 C# V9 i' d8 WOilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.1 f8 O3 E5 c4 i, F3 t! G
2 `6 L$ p6 j( f6 k+ t; dOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.5 x6 @ R* i/ q. [% k) u
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.% `9 @* _) N$ g& x0 G
Larry Wong, The Journal$ l1 A, L* n# c2 Q4 c
; i4 D' \5 R- |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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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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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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& D" _! J+ l7 h6 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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