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Oilsands an emerging global growth star
1 O7 |3 Y; l4 NExxonMobil forecast predicts output of four million barrels a day by 20306 h: c. g$ ]; [! U: o) L4 l
Gordon Jaremko, The Edmonton Journal) Z/ w2 s, G/ s0 K; l4 K0 g0 Z, g( Y- ^
Published: 2:37 am# D) c: d4 u% D, t) T+ h+ T8 j
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.$ x0 @" R' X h& K3 f1 d5 z
1 A! t ^1 y {4 @6 dOil 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.4 X. N0 t0 V% b. j/ _/ P
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
& j6 ]6 o- z1 U) V; _& oLarry Wong, The Journal
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" ]5 R' {1 i9 h% z1 c- K- }2 pEdmonton 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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# W+ v( w# b6 }+ J U* N1 {ExxonMobil'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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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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