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Oilsands an emerging global growth star
1 X4 K; w5 ]1 ?4 DExxonMobil forecast predicts output of four million barrels a day by 2030+ b' a6 D/ s! Y' c9 ~
Gordon Jaremko, The Edmonton Journal
5 f% l% z/ ^. o3 i h6 _( k) ]# jPublished: 2:37 am
$ x, `( ]! E2 ^* J2 Z# ]' CEDMONTON - 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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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.9 d' X* t8 Q% R7 X: x6 N8 F
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/ Q4 v. d& j h8 D' `, I2 mGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
( P4 f& M$ a- r9 MLarry Wong, The Journal
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9 q& ~) x+ r) PEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.5 ^ ~" ~) o! B2 W7 V' W' D
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.- y2 @) E8 v% N6 @ q7 O. L
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Output from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said., F" u6 L/ ~( a9 U8 Y* K3 Q1 o
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While no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said.
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7 S- x' S/ M# Y+ S! z+ a$ t1 z1 CWhen 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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