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Oilsands an emerging global growth star
3 q) \& x6 X4 C4 Q p# N& r7 yExxonMobil forecast predicts output of four million barrels a day by 20301 S1 w4 I# b( h- J! L1 Z+ _
Gordon Jaremko, The Edmonton Journal; X N7 R1 a/ w M' h' N5 \* o
Published: 2:37 am! [" P" |* W6 s2 M5 I
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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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.
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
0 f: ]6 g4 z+ ~3 b) ~, lLarry Wong, The Journal
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* \3 ]6 k# s( b% nEdmonton 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.0 o" M% u- D I+ u- u6 f- Y4 L
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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./ x6 e8 G5 @9 N, |
$ ?$ e9 a# H" E! U( pOutput 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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/ L5 U* f/ P; C; g6 _& ^& `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.
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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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