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Oilsands an emerging global growth star
6 Y6 ^5 b4 [& w, w4 MExxonMobil forecast predicts output of four million barrels a day by 2030! i& A6 G& G: p* a- y
Gordon Jaremko, The Edmonton Journal
' Q* Z8 V* u3 ]3 U2 ^9 gPublished: 2:37 am! C) O8 Q% M. P9 a5 `3 v0 k
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.
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.! L- n8 _' u% W
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.9 D2 A7 @3 V: d: P) f$ g( T
Larry Wong, The Journal/ {' I% Y2 k- s1 Q# S
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.# ~5 `; F) q8 W* ~# d# d+ O
1 |' ]/ `: {% m$ eExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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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.
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3 M1 T* l9 n, gWhile 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.3 W n- i: a( y+ t3 x$ V% T0 r% O3 i
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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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