• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 46 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 3 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 16 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 4 mins The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 2 days Did China cherry-pick the factors that affected the economic slow-down?
  • 1 day "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 1 day Are you aware of Oil Price short videos on our energy topics?
  • 2 days Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days NordStream2

Breaking News:

California Gasoline Prices Are Spiking

Trans Mountain Expansion Could Cost More Than Expected

The Trans Mountain pipeline expansion project could end up costing more than initially estimated, documents filed with U.S. regulators by Kinder Morgan suggest, according to a Reuters report.

The document Reuters cites is a report Kinder Morgan filed with U.S. regulatory authorities following its deal with the Canadian federal government to sell it the controversial project. In it, Kinder Morgan’s financial adviser TD Securities notes that the project could incur additional costs of between US$770 million to US$1.46 billion (C$1-1.9 billion) and face a delay of up to 12 months, to December 2021.

The initial estimated capital cost of the project was US$5.67 billion (C$7.4 billion), with the estimate provided by TD Securities. Earlier this year Ottawa agreed to buy the project for US$3.45 billion (C$4.5 billion) to save it, although now it needs to find investors to sell it on to. Meanwhile, it will provide the funding necessary for restarting work on the project until the deal closes.

The Trans Mountain expansion has become one of the most controversial pipeline projects in North America as it pitted two provinces against each other, sparking both protests and support rallies.

Related: Warship Or Oil Tanker – What Did The Houthis Hit?

Alberta heavy oil producers need more pipeline capacity as their production grows but pipeline capacity stays the same. British Columbia’s new NDP government, which came into office last year, however, is against any new oil pipelines, although it doesn’t mind getting the crude it gets currently through the existing pipeline. The government has repeatedly cited higher risks of spills not just along the pipeline but at the port of Vancouver from where the crude sent via Trans Mountain should be loaded and sent to international markets.

The federal government has supported the project from day one, but its support has not been enough to put an end to the BC opposition. After months of interprovincial wrangling during which time Kinder Morgan had suspended almost all work on the project, the company gave Ottawa an ultimatum to either suggest a solution to the problem or watch Kinder Morgan walk away from the whole thing. The solution the government picked was buying the project itself and making it happen.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News