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Oilsands an emerging global growth star! e( o2 H/ Y; y: A: j2 _' T
ExxonMobil forecast predicts output of four million barrels a day by 2030
+ ^; w9 S* h6 o0 }& k& ^Gordon Jaremko, The Edmonton Journal/ [# [; H* J( W
Published: 2:37 am
% V$ F: K# P; l! bEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.
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( o( g5 q$ M( R( T3 @3 QOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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' |8 u: a9 @# ^" }# {2 _ View Larger Image
* {( `: Q! W$ z. i3 rGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
- @. b! [ ]0 ULarry Wong, The Journal
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7 n: w( \4 M& u& Y8 xEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.; d, p8 @+ X8 [9 k7 H) T. H
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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8 k! ^+ B8 d) ]: g d! f3 hOutput from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said.- m$ H4 B+ v) V2 F; R
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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. h3 \8 e/ M$ Y& P; S' G1 w
7 _- A$ b; @0 w9 _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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