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Oilsands an emerging global growth star
7 w) q! f- ^4 o+ t9 fExxonMobil forecast predicts output of four million barrels a day by 2030
6 X R& x: [/ `, ?( XGordon Jaremko, The Edmonton Journal8 P7 D7 Q' p5 P# Q' d
Published: 2:37 am- W' ]0 k9 s( L v" [6 [0 R
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.
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& W, f% x% R* x' x% wOilsands 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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' U& }/ C; W4 q7 c2 c9 ^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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' J0 `! j; a! f! @Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
0 d4 b/ g2 l* q% U: c, r) c) ?Larry Wong, The Journal @5 Z+ k3 i3 w6 B( B7 j2 V
x3 q0 }' C% a# X9 DEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.( B0 h$ Q5 V+ P- s, [$ 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.
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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. s. \# n. @: c( @, {2 R
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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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