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Oilsands an emerging global growth star
6 N/ c7 Q' h8 T1 E2 z2 {ExxonMobil forecast predicts output of four million barrels a day by 2030
4 t& Q* ]* }+ j& y4 Y( yGordon Jaremko, The Edmonton Journal m* [" b) b& k- @! z
Published: 2:37 am
! v+ r+ ~7 G. b3 s- sEDMONTON - 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.% y' r2 x2 k/ L
2 d- t: ^! M: U/ @Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
; X7 a2 S0 ]6 H3 v$ D9 XLarry Wong, The Journal3 q; X2 i9 }& q M4 l4 s
q; H" ?8 \8 p. t' C- B! t6 w4 ^Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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! r* M9 M* i9 |- E" hExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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* q5 `1 ^; t5 _8 p" X5 W0 ?$ F6 V8 G3 {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., L, t8 q& v3 O4 v4 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.( \' w9 w3 i8 l5 H
4 Q3 P# R2 x5 `0 l1 a: G8 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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