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Oilsands an emerging global growth star
* A. y1 g V# P d0 g0 x. R" s* a: aExxonMobil forecast predicts output of four million barrels a day by 2030
( s! u& J2 Z, h+ U* L D9 vGordon Jaremko, The Edmonton Journal
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; V$ U6 w& ]+ T% ~& W4 l5 zEDMONTON - 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.& o. u) H' G9 R) h* b" U6 P
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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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1 O* D' K# Y2 a/ y9 L: }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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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
" t7 J8 K- g- S: FLarry Wong, The Journal( A1 e# I) ~& s) P
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.& f$ ~. m: O$ J% V ~* v J
/ u; A/ i* v3 @! j4 \& F- BExxonMobil'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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5 m2 V, E" |/ ^3 ?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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& n7 @& Y- m4 r$ gWhile 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.: o2 u/ ~/ }3 V, Q' Q5 N) G
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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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