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Oilsands an emerging global growth star
4 f3 q, g9 X& y" I3 }, ~: X7 EExxonMobil forecast predicts output of four million barrels a day by 2030; ?4 v& j, ]. Q. x
Gordon Jaremko, The Edmonton Journal4 ?6 E* e6 f" Y; W% h G8 z0 Y. K
Published: 2:37 am
% ?. @! N6 m9 S/ |EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.; k" O- V" s. [. t, m: J* f
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Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.$ E. s' D& X9 M0 d* A( d' V
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.! ]0 @# ]9 ]) w4 l9 y( ^5 R
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! K: e* C! [# FGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
9 g! u7 U2 T* ]! C y4 RLarry Wong, The Journal
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h! ~$ r$ A$ n. D( x9 WEdmonton 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.) T2 m0 q- d' j2 T7 K4 ?
/ f( \- z+ ~' _/ mExxonMobil'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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! P, z; N) f3 a5 ?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.9 p! `9 g9 y# P) Q4 C; d
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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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