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Oilsands an emerging global growth star
6 c/ W" o7 a; d5 JExxonMobil forecast predicts output of four million barrels a day by 20302 k- N3 S6 H: @5 u
Gordon Jaremko, The Edmonton Journal" F; ?' K. \7 t% l+ c
Published: 2:37 am
2 x6 M! e6 l# j/ H4 q+ u5 M2 |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.; E( j9 Q% S9 l6 e3 l
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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.6 e8 u/ l9 @4 ?' u
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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.: ~ ]" A- F: X7 t
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L9 F5 s: x9 `) W3 b1 mGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
4 _ T2 q2 r' I% n3 J; i' [Larry Wong, The Journal N& y8 w, O* m& B+ a7 b
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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5 M. L+ X1 H5 X8 }3 BExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.- i& Z G* o; P1 M) h( f
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.$ J3 o) P1 b4 M5 T1 v
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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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7 G2 {, l2 g9 ^+ }4 s, g1 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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