Exxon Mobil Corp’s defiant outlook predicts Canadian and Venezuelan oilsands output will ‘quadruple’ over next 24 years – FINANCIAL NEWS-ecozik.com
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Exxon Mobil Corp’s defiant outlook predicts Canadian and Venezuelan oilsands output will ‘quadruple’ over next 24 years

Exxon's rosy outlook for the oilsands comes amid grim immediate prospects for producers. The Canadian oilsands suffer from high costs, compared to deposits in other parts of the world, making them unattractive at a time of sub-US$30 per barrel oil prices.

In sharp contrast towards the grim medium-term prognosis for that Canadian oilsands, Exxon Mobil Corp. is predicting sunnier times for bitumen within the decades ahead.

The global oil glut is going to worsen – and it’ll be all Canada’s fault

Jeff McIntosh/The Canadian Press
Some of the world’s priciest crude lies trapped inside Canada’s oilsands. But the lingering legacy of US$100 barrels means the country is determined to exacerbate, rather than alleviate, the worldwide crude glut over the next two years.

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The world’s largest publicly listed oil company said production from Canada and Venezuela’s oilsands will “quadruple” to nine million barrels per day over the next 24 years.

“A significant shift is foreseen in The united states, which is poised to emerge as a net liquids exporter because of projected strong growth in tight oil, oilsands and NGLs (natural gas liquids),” the company said in the latest annual outlook, published Monday.

Venezuela produced 1.4 million barrels per day from its oilsands deposits last year, while Canada’s estimated output in the oilsands alone stood at 2.82 million bpd.

Exxon did not give a introduction to Canadian oilsands’ contribution towards the new production, however the Western Canadian Sedimentary Basin is really a key element of the oil company’s bullish forecast for United states production.

“…Within The united states, rising oilsands production will enable Canada to continue exporting its surplus heavy crude to the U.S., whose refining system generally is made to process heavier grades of crude,” the outlook stated.

As with previous forecasts, the company’s annual outlook is bullish on oil despite prices falling 72 per cent in the last 18 months, and global calls to curb energy-related carbon emissions.

Exxon has been accused of hiding research that linked fossil fuel’s effect on climatic change, with attorney generals in New York and California states reportedly investigating whether the company lied to shareholders about the risk of climate change.

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