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Oilsands an emerging global growth star
- D- u. @ N! P. c: i* `% AExxonMobil forecast predicts output of four million barrels a day by 20300 s, C( R$ B, o) r
Gordon Jaremko, The Edmonton Journal
5 Q1 I# c% t) ?# ~# CPublished: 2:37 am& `" f% C9 ?( {" G2 h2 G- l
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.3 H1 b M8 T6 R/ m: r: x
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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 $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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( G+ b+ k4 P( Q8 W0 aGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.1 ^6 y$ v: U' t6 N% @3 x
Larry Wong, The Journal5 V3 b, H; C: J/ G% x% |( B
- T; a6 y1 v! B$ c: \0 w% a" K9 KEdmonton 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.; t) E2 ] P# O% f# B- v
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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.0 b9 `+ n1 i: N7 ^
9 B5 K* I- T1 A( G+ f% I% iWhile 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 ]- I# j: ?9 l' r0 V& h
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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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