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Oilsands an emerging global growth star. z/ x3 y; @) W: V9 {
ExxonMobil forecast predicts output of four million barrels a day by 2030
, L4 x7 q U0 I5 k% IGordon Jaremko, The Edmonton Journal
* A, ?3 P4 [- |1 gPublished: 2:37 am5 R0 d& A) g1 G7 I6 l
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.
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7 D g/ x* R0 ^# r; Y& _ @8 { gOilsands 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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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.% P, ~( m9 U# k' _9 o; _
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% W; I% U) b1 g" K3 ~& u+ D# ^ hGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
% _9 |, Z' ^6 F- A' B' f$ E. y8 @Larry Wong, The Journal
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.9 f% d4 i+ j0 V; `
; X! |$ h4 `: A4 U8 q: E7 OExxonMobil'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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2 K) w- n/ b4 s8 m# @& N5 ~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., f$ T( w2 N; p: {0 C( h& j
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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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