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Oilsands an emerging global growth star
9 U% B0 @, s% m# ~3 i; c7 `ExxonMobil forecast predicts output of four million barrels a day by 2030) I% x+ _2 ]. Q
Gordon Jaremko, The Edmonton Journal
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e' W/ D+ v. y# j- S1 `& LEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.7 G6 X8 f' A5 d( }2 a
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Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.' c' B$ G. M5 x! j/ _/ L' M! X
% r7 H& a( o6 i6 {# X) X$ I, DOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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, V0 ` O" k1 Q9 ~( Q7 KGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.0 h: P- r0 d$ P# B" X6 H0 G, ?. a
Larry Wong, The Journal5 ?; d1 r) v# V& w
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.: s# G+ r2 N- a" R8 z# ~
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While no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said.
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! m$ o1 M2 z+ G# [" L) BWhen 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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