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Oilsands an emerging global growth star5 S. F: n7 ^& M1 C# y: b2 M" T
ExxonMobil forecast predicts output of four million barrels a day by 2030
) Q- y' L A; [& Y: u# e" o6 \1 tGordon Jaremko, The Edmonton Journal9 X; v7 b' `( G
Published: 2:37 am
4 b4 n7 j- r9 s% H& hEDMONTON - 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.! l" P C: t6 U2 ]/ ?: @7 Q3 l
, e0 h! \2 V! k2 P) t5 k) w: TOilsands 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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+ B6 l" J2 U! H4 H4 UOil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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W0 z$ Q3 N& PGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
& d* z: z$ K3 i* h, V- jLarry Wong, The Journal& D5 ` l& i& K+ U
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates., x: S T) P6 Y0 v$ M6 N
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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.3 L3 y: |+ X& \! ?/ G
: {: J& E1 I% N9 P. P# WOutput 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.4 v. M7 J5 e6 D& Z x
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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.8 d3 i1 O4 f$ l+ u$ C
4 ?! n" [" d" n5 P$ |+ \& v3 uWhen 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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