Oilsands execs see brighter future with approval of Line 3 pipeline project
CALGARY — Executives from the biggest oilsands companies in Canada say concerns about getting their products to market are starting to ease in the wake of the regulatory approval of Enbridge Inc.’s $9-billion Line 3 pipeline replacement project.
The project to add about 375,000 barrels per day of export capacity into the United States cleared its last major regulatory hurdle at the end of June when it was conditionally endorsed by Minnesota state officials.
Executives from Suncor Energy Inc., Canadian Natural Resources Ltd., Imperial Oil Ltd., Husky Energy Inc. and Cenovus Energy Inc. say the decision, especially when combined with a deal by the federal government to buy the Trans Mountain pipeline and its expansion project for $4.5 billion, could allow them to consider expansion projects again.
However, they said while taking part in a panel at the TD Securities Calgary Energy Conference that such decisions also hinge on federal and provincial regulatory and tax certainty.