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Oilsands an emerging global growth star6 E- j, b' I4 i
ExxonMobil forecast predicts output of four million barrels a day by 2030- R% Z h( c# n1 q6 L; e
Gordon Jaremko, The Edmonton Journal$ J9 e" {. M. {% X8 a5 _. _3 l
Published: 2:37 am; C t9 I( ?6 A. g( d* S5 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.8 |1 K& Z- B) O/ h7 M d
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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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) j6 H1 D( w' IOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen." K+ N$ M) I# b2 d& q# u
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
& g) D% x) U2 U @Larry Wong, The Journal$ {: U h( M8 ^. A2 {$ F7 J: T
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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 G2 j+ j* J" ^# I# b% ?5 A& DExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.7 \) D/ k8 N% h* W, {
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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.8 z9 b- Y# H! l# [6 X
# L1 l0 ^' n7 E+ l' h9 x3 AWhile 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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