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Oilsands an emerging global growth star
6 T4 c- p. w" s) d; t/ K: PExxonMobil forecast predicts output of four million barrels a day by 2030
$ A4 f& o& P6 B+ x2 r& h bGordon Jaremko, The Edmonton Journal
2 D& i0 m- d9 P( O3 {# t, Y. HPublished: 2:37 am n# A5 A4 {0 q1 b, T* J% a9 |
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., k2 t! V/ [: q0 D
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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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l! N( R+ I/ p* ]Oil jumped to $96.67 a barrel, up $2.69 in New York trading Tuesday on fears of global supply disruptions after storms battered North Sea production platforms and guerrillas attacked a pipeline in Yemen.# d8 H. K8 _ n4 P$ ^3 t& E
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Gasoline prices in Edmonton were 99.9 cents per litre at many stations on Tuesday.9 D7 H. u, O- X ~0 U ]" [' x
Larry Wong, The Journal& H) L' J. t* l: ^3 {5 c
9 ]$ J0 S. F* S2 i- S; @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.
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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.6 S( Q! V2 P5 G5 C7 D6 O8 O- }( S
\% Y, G3 A1 Y' g' jOutput 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., H' @4 S Z2 n( \
! ^" A( G( f A" AWhen 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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