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Oilsands an emerging global growth star
& P8 B2 V7 Z% r$ T1 Q8 d% @ExxonMobil forecast predicts output of four million barrels a day by 20302 @# {6 E& H5 p2 h
Gordon Jaremko, The Edmonton Journal6 R+ V- q, p; Q2 L
Published: 2:37 am
+ A e5 U3 r* B, R0 CEDMONTON - 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.' u! s3 R* }) X3 s v- @
# I' t0 x/ ]1 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.
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' N; U6 H; i) F) z; cOil 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.' M7 T2 f% M3 H2 [" ~9 Y
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
. e- ~! X) A2 cLarry 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.2 E1 j; f& n) k. }
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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., b4 R5 z* v; t
" {( r7 t. a4 T; t: }5 ^9 K. Q1 oOutput 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.5 T% {) a, J2 }. l* T0 J
; c* x( H% k# q* T6 fWhile 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.+ }2 z4 f% L# I: e0 x. l8 o/ q
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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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