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Oilsands an emerging global growth star; e0 a1 ~' G6 n) _4 P% `2 q
ExxonMobil forecast predicts output of four million barrels a day by 20303 {# W+ m; b! ^' p, p+ s
Gordon Jaremko, The Edmonton Journal# x0 w' C9 D% X+ ?% E# {
Published: 2:37 am7 Z4 D9 C9 K1 l& A
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.( _& l: J7 k' U
% `5 Z+ d% k* w# hOilsands 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.# N+ B# Q/ x8 Q* W I: u5 R9 u
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.1 n; i: I" T3 l( F4 F; M
Larry Wong, The Journal# s% e7 K; T$ _9 n' n& {0 R5 ^
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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! X2 j1 ~% r" x) l8 y+ f( ?% AExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.6 F# `6 R$ G# 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.* @& m! U7 l4 j1 {% |
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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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0 @- ^* o/ R) r6 N% t5 uWhen 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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