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Oilsands an emerging global growth star
# Y/ p% R8 \* y# T( q* j/ N& [ExxonMobil forecast predicts output of four million barrels a day by 2030
% A5 V, D5 f/ g, J% }8 A* yGordon Jaremko, The Edmonton Journal
7 c8 b' L3 o& V& C5 _# S* b# \. APublished: 2:37 am
$ }( G5 d) @3 qEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth., n5 c, C$ _& j+ D
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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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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.. `% J& N4 }' ^' z
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8 r, \5 F; O3 v4 A4 g Q& uGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
5 d. n* p8 s+ f; y9 zLarry Wong, The Journal b) S* F$ ]' d4 I8 U" z: H5 [
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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2 y* q$ n' j/ D2 x6 @9 TExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.1 r; [9 K1 l- m, n9 h: P
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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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1 o/ f1 L5 l9 h; B/ yWhile 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.
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! S( b6 @+ v5 WWhen 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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