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Oilsands an emerging global growth star
2 B' D+ Q) j! K( TExxonMobil forecast predicts output of four million barrels a day by 20305 W0 x7 O8 S* k0 a: W- Q/ U
Gordon Jaremko, The Edmonton Journal0 n4 v0 e8 b8 q# u
Published: 2:37 am
! A( X) B. k! ^" O) e2 H4 ZEDMONTON - 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.' V+ }; z: X. O
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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 $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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4 f9 g) }- h& W ]& _+ I) x9 IGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.# V+ ]9 _$ _, J6 z4 C
Larry Wong, The Journal9 M- p6 a+ }5 z
$ |/ ^ Q3 F- L% KEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.) i) @- l2 K! y; o9 \6 B! b7 D0 ?3 P
4 ~. d# Q$ _. M2 I' d. ~9 pExxonMobil'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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4 l; g6 ~$ w* a4 ^( v) mOutput 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.! D: c6 ?, Z5 O7 x
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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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