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Oilsands an emerging global growth star
( N% _% X4 g* Y/ V! ^9 }) kExxonMobil forecast predicts output of four million barrels a day by 2030
" ^: \6 m! ]3 k% F4 [Gordon Jaremko, The Edmonton Journal5 q9 X1 i+ u% X' O$ F( D
Published: 2:37 am
! i! f; R# A) j$ e, qEDMONTON - As oil leaps towards a new landmark high of $100 US a barrel, the world's top investor-owned producer has singled out Alberta as an emerging global star of production growth.& p% W9 |/ A7 Q
# {) D5 d5 K6 Q& K& x$ ~$ n' `! XOilsands 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.6 G) P& A- t' ?4 W
' V% w9 n5 j2 R) a0 o8 c: ~Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
7 m7 i. l, a- f [Larry Wong, The Journal, s& Z. X: p$ i
- G+ I) I3 L8 k q- X4 M, [Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.. ?$ G! |9 O+ K I+ s5 G+ `
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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 `9 u# m1 e/ O8 V
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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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. x5 _3 g* P9 k- p v! I1 dWhen 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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