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Oilsands an emerging global growth star
4 X" ~& p; X( K, vExxonMobil forecast predicts output of four million barrels a day by 2030( S+ r7 p7 a6 ~4 j5 ^2 I! ^/ o+ j7 K
Gordon Jaremko, The Edmonton Journal/ p8 B, h& X8 y3 E
Published: 2:37 am2 O- O7 r$ K! w0 t# s1 y
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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! H* K. x+ V8 O# ?1 A% o& ?Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen., E1 [- Y5 w9 m2 E
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.$ `/ `% P8 Z \3 ^( c5 E
Larry Wong, The Journal. o0 l7 H* R4 y* T6 m
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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.# T/ [9 N" H; ^" V; H0 @. m
t8 }) G# U! b! dOutput 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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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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: Z& k, k f6 ~: EWhen 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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