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Oilsands an emerging global growth star. l% T; h8 i7 L" n
ExxonMobil forecast predicts output of four million barrels a day by 2030
! B& d8 D V% o5 L+ lGordon Jaremko, The Edmonton Journal
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( U: q1 \0 |5 f: LEDMONTON - 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.! l! M( x; t. k% b Z
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.' f$ R- j7 V7 V" L. L% b0 C. ]: n5 _
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7 f- t& X6 \+ ~# fGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.1 |1 f' m) w6 [( `/ v* Y
Larry Wong, The Journal
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% J/ X* h( X: zEdmonton 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.: A0 m. f2 `" J9 ]. E8 b5 R
* R2 Y* a& v7 C' e. T6 sExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field./ t9 w/ n/ v' D+ z
' r# g* g. G5 H. n/ ]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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