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Oilsands an emerging global growth star
! T8 @7 A. s7 G x% O9 aExxonMobil forecast predicts output of four million barrels a day by 2030' @8 w" [* E$ R
Gordon Jaremko, The Edmonton Journal
. M: y3 k9 e/ m9 M! w; mPublished: 2:37 am' |6 \8 d7 r$ c
EDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.; d8 c. M$ C: x- W$ O- U/ j2 k
5 F) V8 s7 M: N$ q z( `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.# S" b1 E, ~- s% x6 q
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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8 U/ n z8 b3 Y4 C) Z LGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.' H# L1 L" W! [$ h9 n
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.
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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.6 d# {5 P1 Y! l- I
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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., C0 v4 ?, L7 ?7 `
9 S5 c2 F, p2 {" t- B3 j9 ]7 `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.3 f t5 D+ ~3 Y: i/ }; x) @
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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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