 |
Louisiana Light • 2 days | 84.09 | -0.27 | -0.32% | ||
|
Bonny Light • 2 days | 83.31 | -0.15 | -0.18% | ||
|
Opec Basket • 2 days | 84.51 | +1.21 | +1.45% | ||
|
Mars US • 200 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 13 mins | 2.505 | -0.035 | -1.36% |
|
Bonny Light • 2 days | 83.31 | -0.15 | -0.18% | ||
|
Girassol • 2 days | 84.96 | +0.12 | +0.14% | ||
|
Opec Basket • 2 days | 84.51 | +1.21 | +1.45% |
|
Peace Sour • 15 hours | 72.50 | -0.28 | -0.38% | ||
|
Light Sour Blend • 15 hours | 75.55 | -0.28 | -0.37% | ||
|
Syncrude Sweet Premium • 15 hours | 82.50 | -0.28 | -0.34% | ||
|
Central Alberta • 15 hours | 72.90 | -0.28 | -0.38% |
|
Eagle Ford • 2 days | 76.28 | -0.26 | -0.34% | ||
|
Oklahoma Sweet • 2 days | 76.25 | -0.25 | -0.33% | ||
|
Kansas Common • 2 days | 70.00 | -0.25 | -0.36% | ||
|
Buena Vista • 6 days | 83.86 | +0.60 | +0.72% |
Breaking News:
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Canada Issues Final Authorization for Trans Mountain Pipeline Expansion
The Canada Energy Regulator (CER) issued on Tuesday the final permits allowing the long-delayed Trans Mountain Expansion Project (TMEP) to enter into service.
Following the regulator’s approval of the final pipeline leave to open (LTO) application, the expanded pipeline is now authorized to carry crude oil from Trans Mountain’s Edmonton Terminal in Alberta to its Westridge Marine Terminal in Burnaby, British Columbia.
“Today marks a significant milestone, and we recognize that our regulatory oversight role continues as we ensure the pipeline is operated safely and the company delivers on its commitments,” the regulator’s chief executive officer Tracy Sletto said in a statement.
After a series of delays, cost overruns, and legal challenges, the expanded Trans Mountain oil pipeline will open for business on May 1, the Trans Mountain Corporation, the government-owned entity that completed the pipeline construction, said in April.
“The Commencement Date for commercial operation of the expanded system will be May 1, 2024. Trans Mountain anticipates providing service for all contracted volumes in the month of May,” Trans Mountain Corporation said in early April.
The expanded pipeline will triple the capacity of the original pipeline to 890,000 barrels per day (bpd) from 300,000 bpd to carry crude from Alberta’s oil sands to British Columbia on the Pacific Coast.
The Federal Government of Canada bought the Trans Mountain Pipeline Expansion (TMX) from Kinder Morgan back in 2018, together with related pipeline and terminal assets. That cost the federal government $3.3 billion (C$4.5 billion) at the time. Since then, the costs for the expansion of the pipeline have quadrupled to nearly $23 billion (C$30.9 billion).
However, oil companies planning to ship crude on the expanded Trans Mountain pipeline are concerned that the project may not begin full service on May 1 but they would be nevertheless obligated to pay tolls from that date.
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In a letter to the Canada Energy Regulator (CER), Suncor Energy and other shippers including BP and Marathon Petroleum have expressed doubts that Trans Mountain will start full service on May 1, as previously communicated, Reuters reported last week.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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