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Oilsands an emerging global growth star! Z E' w2 Z. k/ J% e+ h+ q
ExxonMobil forecast predicts output of four million barrels a day by 2030
$ {5 |% U6 u+ ^5 b$ B9 B3 m, zGordon Jaremko, The Edmonton Journal7 E; ?9 o* j% Q' o, {) B
Published: 2:37 am3 w6 Q, V {0 E( P4 K& c
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.; Y+ `% h& J/ u1 e7 H2 k+ {
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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 $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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% {# ?4 ?+ n" t, k* W2 s$ uGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.: K& x) f T% x. l' _
Larry Wong, The Journal' X1 S# ?- S E, s& U7 I8 C
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.) L4 h/ c/ V; w: p( s
3 }. o' d1 N h \% sExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.2 |& e! H, j0 {
0 x1 B3 X/ r. ~+ aOutput from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.9 {- s$ q2 Z) c( ~. u) P: w
2 b) s3 L' Z: qWhile 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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