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Oilsands an emerging global growth star
, l; r7 T# E$ F: CExxonMobil forecast predicts output of four million barrels a day by 2030
( `4 Q( r. Y5 ]! dGordon Jaremko, The Edmonton Journal, ]+ U5 |1 R/ U2 M3 ?/ f5 W2 m
Published: 2:37 am
- s: E% W! ?) E: `EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth. x6 }% t9 Y% Q, R( e
: T' L$ M( g) e; L, ?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." ` B8 s, n* a/ Y y+ W4 e1 Y+ d
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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8 B4 e2 d, ~8 Y& dGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
. Z$ i1 K7 S2 I# k/ h2 pLarry Wong, The Journal9 C9 G6 F+ z- ~4 E1 g
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.( x3 i* g) K+ @, Q$ w# z2 [
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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.
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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.2 M9 c5 m8 E& u/ O
( l- o3 \$ E j' h( b' xWhen 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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