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Oilsands an emerging global growth star# l, L% o7 ?, q3 ?
ExxonMobil forecast predicts output of four million barrels a day by 2030
0 N: M& j2 @" f* O( C$ \$ kGordon Jaremko, The Edmonton Journal: @/ X& D9 }# W) A9 ^
Published: 2:37 am- }0 w, F: E. G6 y9 F' p
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.& [. `8 r- A7 ~$ h/ |3 h
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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.; x/ }: t0 D0 y
6 Q5 b/ X% c6 o3 b0 Q# \$ DOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.2 S( Q+ W& K& g, ~7 j
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.$ c* \& E2 S9 R- T' K' N: i7 N# S
Larry Wong, The Journal' P6 [8 b8 j$ x9 a1 |: U
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates./ M/ s$ j, a" h, h& C
/ e7 n+ ^" F* `5 u% A' qExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.* t* d9 X( V3 X& M/ i( N 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.' v) y* F$ m+ g* K1 p
% g: M$ @% d* Z- p9 ^. ]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.; b2 K, R# m* e
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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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