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Oilsands an emerging global growth star
+ q+ m9 M& y8 {7 FExxonMobil forecast predicts output of four million barrels a day by 2030- r1 w2 k% @7 y; H
Gordon Jaremko, The Edmonton Journal
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% G J7 e6 w5 s' S7 c8 ]/ ^EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.0 T0 C0 _ o% t' L7 z4 q
, B: b, x) o8 D/ R/ S7 v" G$ bOilsands 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.+ t8 M* U' E3 s+ P- [. `
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
8 M# J; A+ S [, K0 e* ?+ j' A* YLarry Wong, The Journal' ]3 {/ |7 E7 v8 N, ?( S
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.( j# ~5 p7 j- M& r
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.7 i8 O! L9 H7 l8 E$ B/ q9 d- r
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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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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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2 J* }" K, s+ q% v0 M/ V$ AWhen 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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