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Oilsands an emerging global growth star
# p8 W' f8 {$ I# b0 K- T& VExxonMobil forecast predicts output of four million barrels a day by 2030
+ p4 Y& V9 f. X5 p7 v) qGordon Jaremko, The Edmonton Journal
) p2 H0 _4 U8 B7 MPublished: 2:37 am
/ Q8 N! F2 d2 J3 _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.! e+ B+ X2 s5 p# E1 @7 @& @
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/ ~: ~, R/ Q, d9 Z; fGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.( V4 K3 Y. y. Y! Q2 e
Larry Wong, The Journal& D9 G( c8 O4 L6 S0 I8 p# x. }, J
% C E3 p0 E) H2 T! KEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.0 X' t- l" C2 f- f: q
4 h& i' m: |! S0 G; c2 O1 e- I8 _Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said. R% g4 x5 A4 E* T( T* k
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While no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said." I6 }9 ?( d& ~! b/ f" Z
; A8 m, C$ i0 M2 {9 Q0 ZWhen 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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