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Oilsands an emerging global growth star/ e T7 S# L; ~' l) l
ExxonMobil forecast predicts output of four million barrels a day by 2030
. f, V9 W# F. e& bGordon Jaremko, The Edmonton Journal
% x8 M. N w6 P9 Q2 WPublished: 2:37 am
7 ?$ q6 {4 h( hEDMONTON - 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.; x7 L G8 @( s- u. e1 Z; @5 a( u
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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.0 E* D: `# q0 ~8 W+ X) w
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Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.
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2 }' D& p% M: Q# {Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.: w5 E) J. n8 \9 U
Larry Wong, The Journal& A- X7 T5 u5 H8 K$ @
/ M! ~1 z* w1 f( z5 Z7 zEdmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.
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ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.( Q$ @2 ]+ ?6 m5 c x
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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.4 |; A% f0 p0 V$ b* a6 i, I( L
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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.. t* x* l& j. J
! C( V: ^3 D- h# B- fWhen 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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