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Oilsands an emerging global growth star7 J+ K, W9 G2 p/ V. a o: W7 O. ^
ExxonMobil forecast predicts output of four million barrels a day by 20306 I1 l* s' s2 o" j4 U; _$ p, J3 ?
Gordon Jaremko, The Edmonton Journal! c& H4 i) a7 G9 D; o1 I3 e6 m
Published: 2:37 am
* }1 `* m5 H0 W4 T+ sEDMONTON - 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.% X+ i# J, s8 o
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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.: i- S- K4 F. q. Y: [3 A4 V; S
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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.: h# `* o5 R4 Y
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
" {" w7 p0 Y- cLarry Wong, The Journal
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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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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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# y0 z: C+ q% b+ rOutput 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.0 I! d9 T: f' H
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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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) X& O' V( X" WWhen 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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