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Oilsands an emerging global growth star8 \8 g( M% P' A
ExxonMobil forecast predicts output of four million barrels a day by 2030, a% Q T- [; K, b5 M; _
Gordon Jaremko, The Edmonton Journal
. ~3 w6 ]& D) E: z, F+ sPublished: 2:37 am$ k8 }; H5 \3 Q
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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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.1 m! B* U( C# ~* {/ _8 B
+ W% O- X5 q+ ROil 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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% E0 N+ i J7 [1 b6 H% e# }# zGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
8 c8 K1 |3 p, Z) D( OLarry Wong, The Journal& s2 c' A' a' D8 \
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.9 B* b3 b: G: j& F$ m! Y
( ^) P+ A# y. ~* f5 i: LExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.& X& m# v* h+ S* z" \( x$ e
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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.: I/ c% m* y8 V8 m! o4 }
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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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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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