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Oilsands an emerging global growth star
; [" a2 {7 B. U# A+ Z* h9 IExxonMobil forecast predicts output of four million barrels a day by 2030) E( a2 E( `2 j
Gordon Jaremko, The Edmonton Journal( U' u3 k, ~6 R
Published: 2:37 am% [7 p$ s6 [; }/ k
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth./ K8 ?/ r2 m' [ k! Z# M
l, b3 N; z# \9 b% p% q5 qOilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.( x, D( q& B; D' V: a! e& P1 F9 u* C
# o1 R/ B0 j% @' M$ [" XOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.6 J4 X( h! ?3 p* L7 a \
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" l& X$ z# r8 A View Larger Image
- `2 k. O& v: x& W; _& {Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.% E4 M' Q8 S3 \9 _. Y) y2 C/ b
Larry Wong, The Journal1 C; q' e! ~$ ]7 ], |3 g
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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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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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. O5 f1 r6 } R- J1 e: T) sWhile 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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: w1 Z- d' b8 _3 w, oWhen 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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