Expanding the Trans Mountain pipeline is expected to lift Canadian crude prices by cutting oilsands dependence on U.S. refiners. Read on.
CNRL, the country’s largest oil producer, will ship 94,000 barrels a day on the expanded Trans Mountain when it begins operating in the first quarter, accounting for about 16 per cent of the total space available on the line. The company is looking at Asian and U.S. West Coast markets for that crude, Stainthorpe said.
The Trans Mountain expansion will more than double the capacity of the existing line to 890,000 barrels a day. Costs for the project — which runs from Edmonton to shipping terminals near Vancouver — have ballooned more than five-fold to $30.9 billion from an initial estimate of $5.4 billion. “Volumes are going to shift to that, and they’re going to create a little bit of capacity on the other existing infrastructure, which ideally helps our differentials in Western Canada,” Bryksa said in an interview. “So I see it as a big win for the basin over time.”
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