TransCanada Says Petronas LNG Project Plans to Go Ahead
TransCanada Corp said on Friday a consortium led by Malaysian national oil company Petronas has decided to proceed with plans to build a terminal in northern British Columbia to export Canadian natural gas to Asia. TransCanada said it plans to start construction this year of the Prince Rupert Gas Transmission line, to connect the Montney field near Fort St. John, British Columbia, to the PNW LNG terminal at Lelu Island, near Prince Rupert. The final decision on the line will be confirmed by the partners of PNW LNG after receiving approvals from the British Columbia and Canadian governments, TransCanada said. TransCanada said it planned to put the 900-km (560-mile) into service by 2019-20.
Keystone Debate: Obama Rhetoric Rings Half True
President Barack Obama's sharpest criticism yet of Keystone XL this weekend included a controversial contention that the huge pipeline would be used to pump Canadian oil sands crude to global markets, not to U.S. refiners. TransCanada Corp., the pipeline giant that has been waiting six years for U.S. approval to build the $8 billion line, strongly denies it and says it is constructing the 1,179-mile (1,900-km) conduit only to serve import-dependant Gulf Coast refiners, weaning them away from supplies of heavy crude from Saudi Arabia and Venezuela. The truth, experts say, lies somewhere in between. The 830,000-barrel-per-day (bpd) pipeline helping link Canada's oil sands to the Gulf Coast was conceived six years ago to supply U.S. customers. Since then, however, the U.S.
Keystone XL Costs to Nearly Double - TransCanada
The total cost of TransCanada Corp's controversial Keystone XL pipeline is likely to nearly double following six years of regulatory delays, a company spokesman said on Friday. TransCanada spokesman Shawn Howard confirmed comments made by chief executive officer Russ Girling during an interview in Washington, D.C., on Thursday. The comments were first reported by The Wall Street Journal. In an email, Howard said Girling had said the cost of the pipeline, previously estimated at $5.4 billion, had risen significantly. The CEO also indicated that the new estimate in the billions "gets you into the high single-digits to a 10 number," the spokesman wrote.
Severe Winter Boosts TransCanada Profit
TransCanada Corp, Canada's No.2 pipeline company and the backer of the Keystone XL pipeline, reported a 14 percent rise in adjusted quarterly profit as an unusually harsh winter in North America boosted demand for its pipelines. Delivery volumes rose 24 percent in the company's Canadian Mainline gas pipeline system and 14 percent in the NGTL system in Western Canada in the first three months of the year. "An unseasonably cold winter resulted in strong demand for our critical pipeline and power infrastructure assets," Chief Executive Officer Russ Girling said in a statement. Girling said the recently completed Keystone Gulf Coast crude pipeline betweenCushing, Oklahoma, and the U.S.
Keystone Backers Keep Their Faith In Embattled Pipeline Plan
Six years after applying to build the Keystone XL pipeline, Canada's frustrated oil industry appears steadfast in its support of the plan even though Washington has again delayed a decision on whether to approve the politically charged project. The reason is simple: A massive new pipeline to the U.S. Gulf Coast remains the most elegant solution for producers looking to export burgeoning supplies of crude from Canada's oil sands to the United States. TransCanada Corp's $5.4 billion pipeline would seamlessly pump enough crude from Alberta to Texas to meet 4 percent of total U.S. demand. "We're definitely supportive of the project," said Brad Bellows, a spokesman for MEG Energy Corp, which produces crude from Alberta's oil sands though it has not committed to ship on Keystone.
