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Oilsands an emerging global growth star
7 Q. [$ E. L7 m1 Q! v$ NExxonMobil forecast predicts output of four million barrels a day by 2030) O- {6 p* p" ?& P
Gordon Jaremko, The Edmonton Journal
2 e; p+ g9 H2 z) O( c' ZPublished: 2:37 am8 }6 {! ?' Q8 R# P& y9 V/ q
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.
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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.4 |- D- o# b0 V/ D% o
; L' L3 W5 I9 _% rOil 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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9 o% i- T" y8 N! l View Larger Image
6 ]& ^) k6 { y1 f3 Z0 eGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.
# o- O- e: v5 P( Z; e0 t9 OLarry Wong, The Journal) ~5 T4 B4 X( G, i2 E/ M# ?
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.2 |& q$ I$ ?. g, E# U
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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.. H$ K9 G& L# F9 u1 o, \/ S. Y
0 _+ ?. r! A ? r( cOutput 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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( i/ E- g2 x2 ]! B+ CWhile 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.. }( f, F& V$ S8 {9 _7 r
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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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