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Oilsands an emerging global growth star
1 \. {) d! i0 \ExxonMobil forecast predicts output of four million barrels a day by 2030
7 B: P) {5 `" r4 O+ d* E# hGordon Jaremko, The Edmonton Journal
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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.: `, F5 O5 K* D3 ~6 }
0 [3 L- H% c9 j/ C! UOilsands 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 $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.3 `0 s6 Q+ q0 v2 @, ]! D! G0 Q
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: k7 P6 U2 c Z3 t& Q: u4 C, @ w. VGasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.5 c, f' T$ {8 d9 }) B
Larry Wong, The Journal
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0 A# @; ]. e3 l) h# r5 V% PEdmonton 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.% K H! ~2 k- s+ A# _, M
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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.2 i S5 D0 K2 U6 e1 c; ]
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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.4 o4 Y, R/ x: U, `' C! {" v2 h- A3 o
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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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