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Oilsands an emerging global growth star
: _% d# i+ s$ t- a5 CExxonMobil forecast predicts output of four million barrels a day by 2030
' P- [; A9 v' `0 M0 y8 v: ? Q4 lGordon Jaremko, The Edmonton Journal7 ~" B% } M) z9 H
Published: 2:37 am K9 J( D6 x; w5 t* o, @
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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0 h% `* C* h" t) ^: {4 W7 nOilsands 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 $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.4 X. N% I5 v$ _% z8 N+ u
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.- O# G) L4 F, W. i/ Q% p; a8 B
Larry Wong, The Journal. R+ d3 Q, C& H
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Edmonton refinery postings for Alberta output Tuesday ranged from $60.74 for low-grade heavy crude to $91.11 for premium oilsands synthetic production. The Canadian benchmarks are translations of international prices, adjusted for pipeline tolls and currency exchange rates.) Q8 f( X B! x. G( ?) @6 {
1 f n9 a% Y4 ^ s/ `ExxonMobil's high oilsands expectations are realistic and reasonable, said Bob Dunbar, an Alberta industry veteran whose Strategy West Inc. specializes in the field.
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$ z5 g0 r( D% S' v |7 o+ {) ^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.* n: R5 i: D* ?1 a
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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.. R; n* S6 U9 s0 I# `) f4 t
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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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