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Oilsands an emerging global growth star
* l; A+ G p& QExxonMobil forecast predicts output of four million barrels a day by 20309 a3 Z3 q/ a; H% [ o) P
Gordon Jaremko, The Edmonton Journal
. J1 [5 w: y7 t. G+ KPublished: 2:37 am
; U& ~7 z) m; ]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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. ~9 ^# R) u! N3 Q. r3 B; dOil 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." ~1 D2 @2 q' g& B9 T7 `; S
Larry Wong, The Journal* \3 ^+ E r( }
, T: W4 t( r' k, D) ]2 WEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.) q" M* ~# ]# b9 B; ]
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.% O( n4 c. F; y( \% q4 R
4 I: [) l5 S/ rOutput from the northern bitumen belt would grow to six million barrels a day if all known projects were built on their announced schedules, Dunbar said., }0 D+ S. Y. C
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While no one believes the current spike will last, the looming new record high is seen as confirming that a new era of premium prices has arrived to stay, he said.: ~5 G9 f, z& u0 l# \ l8 \9 E
6 B3 V/ L0 s$ k' JWhen 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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