OIL AND GAS: Developer cancels Keystone XL pipeline

10 Juin, 2021, 01:51 | Auteur: Christine Menetries
  • Pipeline sign

The Alberta government expects losses to be within the range of $1.3B.

If completed, the 1,897-kilometre pipeline, first announced in 2005, would have carried 830,000 barrels of crude a day from the oilsands in Hardisty, Alta., to Nebraska.

But a fatal blow came in January, when President Biden revoked the pipeline's permit to cross the U.S.

Previously, Alberta Premier Jason Kenney said the government would work with TC Energy to "to use all legal avenues available to protect its interest in the project".

In a news release Wednesday afternoon, the government said it reached an exit agreement with TC Energy, but both parties would still look for ways to recoup the government's investment in the project.

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"We remain disappointed and frustrated with the circumstances surrounding the Keystone XL project", he added in the release.

In a release Wednesday, TC Energy said that after a comprehensive review of its options and consultations with the government of Alberta, it had terminated the project. "We will work with our USA partners to ensure that we are able to meet USA energy demands through the responsible development and transportation of our resources".

The Albertan government was a key backer of Keystone XL, striking a deal for a $1.5-billion equity investment in the project in 2020 and offering $6 billion in loan backstops for 2021. "We will continue to identify opportunities to apply this level of ingenuity across our business going forward, including our current evaluation of the potential to power existing USA assets with renewable energy".

"We invested in Keystone XL because of the long-term economic benefits it would have provided Albertans and Canadians", said Minister of Energy Sonya Savage.

President and CEO François Poirier said in a Wednesday statement the company values the relationships it's built with trade unions, local communities, Indigenous groups, elected officials, landowners, contractors, suppliers, industry associations and its employees through the development of the project.

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