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Oilsands an emerging global growth star7 g6 N% K9 ^ W" R" V6 l
ExxonMobil forecast predicts output of four million barrels a day by 20306 Z C d4 h; R8 E
Gordon Jaremko, The Edmonton Journal
3 `. x: R5 V+ sPublished: 2:37 am; v0 e. ~4 {6 _8 T* Q
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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, _$ |! p8 w, e$ J8 `; _; H( ~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.% y* i8 s% G- X4 G- w) g
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.! g; F2 v$ P& \3 s: d1 O! z- E
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
9 i5 ^9 S, u8 \Larry Wong, The Journal0 u7 N6 e$ Q7 H6 |
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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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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field. @6 r3 p; {: x0 m* c
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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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0 I% \. c7 _2 q; R5 {/ k8 bWhile 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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% w+ N8 `/ _0 gWhen 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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