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Oilsands an emerging global growth star
) }; }( ~4 `" k$ q2 A1 bExxonMobil forecast predicts output of four million barrels a day by 2030
; d/ p }6 f1 X% M" d1 QGordon Jaremko, The Edmonton Journal
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/ w8 I O0 _& |8 k4 wEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.
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6 t3 X5 {( I, h1 }Oilsands output will multiply fourfold to more than four million barrels daily by 2030, ExxonMobil Corp. predicts in a new international industry outlook report. And that forecast errs on the conservative side by projecting "fundamentals" of demand and supply trends instead of relying on prices to stay sky-high, ExxonMobil spokesman Allan Jeffers said Tuesday.* p/ c0 Y! K% l$ S, T
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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.) G2 A& a, U6 a: r( f
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
; r" l# P. U }) H6 u' o! d% VLarry 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.% ~; _3 I W( _9 h: q" r A' a
$ v) s' w3 y( l+ T, R3 [ExxonMobil'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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8 q( h9 F+ Y. T" ?6 V8 f: DOutput 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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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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9 \/ l. p& D$ oWhen 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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