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Oilsands an emerging global growth star
8 s7 v9 Q' h8 V! M$ R: n8 Q0 Z. gExxonMobil forecast predicts output of four million barrels a day by 2030, [5 f" e) ^3 R8 m+ Q6 C+ m
Gordon Jaremko, The Edmonton Journal
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/ @. C# h* }% O) f$ x4 nEDMONTON - 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., _5 W y b5 K+ D, p
0 c& f5 ^! v. BOilsands 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.2 Y7 ]1 Q2 t9 L* e5 b2 y( n) j) ~- w( r
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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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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.8 L6 m6 i# D f3 O3 [4 e; t
Larry Wong, The Journal
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+ R! m) b4 r5 {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.+ ]( Q' F4 t+ s6 y6 j
6 Y0 V2 W1 l: g# yExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field., G8 O, Y: F' T2 P6 h1 w- S" {
" q K6 W3 H5 }5 d- yOutput 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.6 M& d/ S- B* w0 Y1 j
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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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3 X: ^ i* n+ G( o; M; VWhen 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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