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Oilsands an emerging global growth star" i% ]2 F5 P4 v* ^7 B, K/ B
ExxonMobil forecast predicts output of four million barrels a day by 2030
$ @ }9 U2 c0 y: e. }6 v7 T9 PGordon Jaremko, The Edmonton Journal2 u3 s/ E/ r p% X) b8 c
Published: 2:37 am
# b- Q" \% O% [. e- s( _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.3 Y( T B4 Y4 J( o9 R0 G
" ?- X% i" v+ F; G K2 t* DOilsands 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.7 Y2 ?- g& n0 e3 M
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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.- b6 y; ~' m. b0 g# Y; o
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
( X; V6 O, ], S5 aLarry Wong, The Journal
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.. A7 {, W( f' E5 l, j, s
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.- v1 m1 F* R3 ^. v
6 ~9 Q2 ~- f) L. A4 e: KOutput from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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: v' H2 ?+ |3 @& @$ A9 pWhile 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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