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Oilsands an emerging global growth star) E/ b5 L6 L' F w* }8 z
ExxonMobil forecast predicts output of four million barrels a day by 2030
3 z7 Y/ O) b: A0 HGordon Jaremko, The Edmonton Journal
3 {, Y# W6 t3 a2 {2 X" pPublished: 2:37 am
8 Y& D' r4 q6 ]. Y5 L) cEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday." c, d8 `$ I3 q' L+ I
' f( [ [9 W5 ?: u, ]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.
$ ]% F/ R, t4 [- t( x: {Larry Wong, The Journal
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! W# T* ?) \! H# H3 r, [* ]+ S: SEdmonton 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.- W/ l3 D4 F0 b; B% V, H' G4 K5 V; U
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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.8 A# X* @! N9 _
/ i- B6 v4 ^8 Q! A5 @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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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.7 _7 z3 \, u3 F8 }2 B. w
4 u) A4 d% }- g {. zWhen 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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