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Oilsands an emerging global growth star, b- U+ l6 o- g" O2 W3 r K
ExxonMobil forecast predicts output of four million barrels a day by 20300 A Z/ a# S( o* F
Gordon Jaremko, The Edmonton Journal* e* F3 Z, q" g7 [9 N; H) T/ F
Published: 2:37 am% F/ F" ]4 q" X& S0 P
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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4 t! x) J& J8 b/ m B6 }Oilsands 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.* ^) D- j* Y+ c6 S; }
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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! Z: k S R2 c4 e" O0 R) l/ UGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.. \" i& \6 W l$ P5 \* y* `0 h' C
Larry 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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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.: L5 Q+ s2 ]+ U3 J' [ M
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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.; W5 I" C1 U1 ]. T `; W
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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.. K: Y/ [" H+ n
7 y `* }* g* z, ]% @* C% CWhen 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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