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TransCanada and Phoenix Energy forming JV to develop $3B oil sands pipeline in Alberta

29 October 2012

TransCanada Corporation has entered into binding agreements with Phoenix Energy Holdings Limited (Phoenix) to develop the Grand Rapids Pipeline project in Northern Alberta. TransCanada and Phoenix will each own 50% of the proposed $3-billion pipeline project that includes both a crude oil and a diluent line to transport volumes approximately 500 kilometers (311 miles) between the oil sands producing area northwest of Fort McMurray and the Edmonton/Heartland region.

The Grand Rapids Pipeline system is expected to be in-service by early 2017, subject to regulatory approvals, with capital spent between 2014 and 2017. The system will have the capacity to move up to 900,000 barrels per day of crude oil and 330,000 barrels per day of diluent. TransCanada will operate the system and Phoenix has entered a long-term commitment to ship crude oil and diluent on it.

As Alberta crude oil production continues to grow, it’s critical to have the infrastructure in place to move oil to market from emerging developments west of the Athabasca River.

—Russ Girling, TransCanada’s president and chief executive officer

TransCanada expects to apply for regulatory approval for the project in 2013.

The Grand Rapids Pipeline system would further expand TransCanada’s liquids transportation capabilities and complement its operating experience in Alberta. TransCanada recently announced the Northern Courier Pipeline project, a 90-kilometer pipeline system to transport bitumen and diluent between the Fort Hills mine site and the Voyageur Upgrader located north of Fort McMurray, Alberta.

The project will be constructed, owned and operated by the Grand Rapids Pipeline Limited Partnership, which is jointly owned by Phoenix and a wholly-owned subsidiary of TransCanada Corporation.

TransCanada currently operates 24,200 kilometers of natural gas pipelines across Alberta and 3,500 kilometers of crude oil pipelines through the operation of the Keystone Pipeline. Keystone has transported more than 300 million barrels of crude oil from Alberta to markets in the United States.

October 29, 2012 in Brief | Permalink | Comments (1) | TrackBack (0)

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Awww yea yeah! Drill baby drill!

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