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Oilsands an emerging global growth star! E& w7 J" [7 g9 v' W
ExxonMobil forecast predicts output of four million barrels a day by 2030 L# S5 P7 O6 R% [) n
Gordon Jaremko, The Edmonton Journal' d: Y; T3 u5 F( \: _. W" Y6 f
Published: 2:37 am
6 [) B3 z: n: s9 f/ Y- _1 s' WEDMONTON - 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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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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4 ]( S: I1 c& V9 GOil 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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' o9 ~8 ` B3 o- U+ h4 ~1 xGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.: ~* o" W6 Y+ F( l/ b
Larry Wong, The Journal5 V/ Z- d5 [/ J8 Q# r8 n1 j
. G# P' c- |8 f" kEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.6 P4 Q* P0 Q: ^+ k: ^( G8 K/ \
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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6 N8 ]! l' }( F2 Y. YOutput from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.
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8 \ M' R$ p$ c3 H# e& qWhile 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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( }; z2 e6 a: U, @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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