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Oilsands an emerging global growth star
& ~/ | k f6 x Y. ^1 NExxonMobil forecast predicts output of four million barrels a day by 2030% r/ i" p$ j& _ n j" G
Gordon Jaremko, The Edmonton Journal
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4 @- D- |* q6 i: `% l3 pEDMONTON - 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.( F" b( t, | u9 U4 J3 M
; o( ^! P* l. g) X) {8 TOilsands 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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. @- u/ [9 N/ d, g7 POil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen., [( g2 x5 Q3 S: }# ^) b3 `
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.# y# Z) S( Z$ J6 t# \5 x
Larry Wong, The Journal2 e0 L0 {; q4 ^
% D" _+ }$ I& d+ Y' DEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.( `5 |; E$ g) j+ q
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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.0 o! C2 W! B1 \4 w+ p7 e
! J; e2 b& x- I- fOutput 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.3 P# Z+ a" w: `# o8 G' G: j3 N, [7 \; Z
( q1 a4 N$ x& Z( S1 x8 [2 zWhen 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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