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Oilsands an emerging global growth star
- ?- ]2 E h9 Z' A6 J+ J0 RExxonMobil forecast predicts output of four million barrels a day by 2030# ]$ k* T' I5 H9 o) O) S6 R7 O
Gordon Jaremko, The Edmonton Journal- D9 k$ A$ g2 d* Z$ C9 q
Published: 2:37 am U0 q, G- N3 R5 o8 _
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.$ z! l8 b( s1 i3 T& @4 R1 p
' N5 d% t* v" Q: KOilsands 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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; u% H% K7 ~, Z7 V) tOil 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.
! M9 z3 p; c3 K9 e! ^Larry Wong, The Journal0 ^8 _+ K* f* [+ o* r9 `1 h! F, L- }
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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.9 T9 W. K# | \8 S& P* X
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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.: z ]4 ]( p# g% ]& D8 S* y3 z" f
1 v) I4 f ^5 O5 w3 _: 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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. F8 {) f; {9 @4 uWhile 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.0 Z9 H/ s) q8 s7 [
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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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