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TransCanada launches binding open season for eastern oil pipeline; oil sands crude to Eastern Canada

TransCanada Corporation will hold a binding open season to obtain firm commitments from interested parties for a pipeline to transport crude oil from Western Canada to Eastern Canadian markets.

The Energy East Pipeline project involves converting natural gas pipeline capacity in approximately 3,000 kilometers (1,864 miles) of TransCanada’s existing Canadian Mainline to crude oil service and constructing up to approximately 1,400 kilometers (870 miles) of new pipeline. Subject to the results of the open season, the project will have the capacity to transport as much as 850,000 barrels of crude oil per day, greatly enhancing producer access to markets in Eastern Canada.

In 2012, Canada imported more than 600,000 barrels per day to supply its Eastern refineries. The Energy East Pipeline could eliminate Canada’s reliance on higher priced crude oil currently being imported, TransCanada suggests.

The open season follows a successful expression of interest phase and subsequent discussions with prospective shippers. Following the completion of the open season, if it is successful, TransCanada intends to proceed with the necessary regulatory applications for approvals to construct and operate the required facilities, with a potential in-service date in late-2017. TransCanada is beginning Aboriginal and stakeholder engagement and field work as part of the initial design and planning work for the project.

While the exact pipeline route will only be determined after public and regulatory review, the planned starting point is a new tank terminal in Hardisty, Alberta. Three other new terminals will be built along the pipeline’s route: one in Saskatchewan, one in the Québec City area and another in the Saint John, New Brunswick area. The terminals in the Québec City and Saint John areas will include facilities for marine tanker loading. The project will also include delivery to existing Québec refineries in Montréal and near Quebec City as well as the refinery in Saint John, New Brunswick.

The open season will begin on 15 April 2013 and will close on 17 June 2013.

Comments

HarveyD

These and new Trans-Mountain pipelines should have been built years ago.

If private industries will not do it, it would be easy to get funds (materials and labor if required) from China for the Trans-Mountain west coast pipelines.

Canada could easily finance new pipelines to the East Coast, with the Canada Pension Plan fund, and make money at the same time. The profitability of the Eastern pipelines could be doubly guaranteed with an import duty of $20/barrel on crude and $50/barrel on refined products, much the same as USA is doing on Ethanol from Brazil.

HarveyD

It would be in Canada's short, mid and long term financial interest to progressively broaden the customers' base for Alberta's crude oil.

1. Trans-Mountain pipelines and improved Pacific Coast harbor facilities are a must to ship 1+++M barrel/day to Asia.

2. Improved Trans-Canada pipelines are also a must to supply Eastern Canada, North Eastern States and eventually EU with 1+++M barrels/day.

3. Temporarily maintain the current 2.7 M barrels/day to USA with a possible (natural) progressive reduction to 1.7 M barrels/day when Alberta's crude price reaches the International average price and Alberta's oil market becomes more diversified. The new XL north-south pipeline would not be required and everybody would be happy?.

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