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Oilsands an emerging global growth star
. k. x6 b& Y4 Z5 PExxonMobil forecast predicts output of four million barrels a day by 2030, b) z) g5 q! L' y, ]! s: s
Gordon Jaremko, The Edmonton Journal
5 U! p$ V& W( Z1 l4 i7 C5 @Published: 2:37 am6 U3 n1 F# G, Z, y& r# H
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.* B# a8 M2 |8 {* ^
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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.% ~1 t6 P+ k# A4 G; y5 y3 c
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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$ f+ a% W# V9 H6 N/ w$ Y" t( j View Larger Image* j, \& A$ r# x3 `3 R% |
Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.9 L' T( g4 K! u
Larry Wong, The Journal
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5 ]" ^% ?7 ^3 Q9 u& TEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.9 Z- N) q. H. a( ]+ [/ M( I) `
: q" g3 ~5 G# D# M& {4 TExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said. e4 L6 R2 q, H# t- H0 F
( _4 ?1 M" p# y' G9 q4 }While no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said.
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3 v: p. ]: ~7 j$ EWhen 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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