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Canadian Oil Producers Urge Regulator to Back TMX Request

OIL

Canadian oil producers Canadian Natural Resources and MEG Energy are urging the nation’s energy regulator to approve Trans Mountain Pipeline’s variance request, according to Reuters.

  • TMX’s variance request was rejected Dec. 5 due to pipeline integrity and environmental concerns, but it asked the regulator to reverse its decision, warning of a potentially catastrophic delay.
  • "If the application is not approved, Canadian Natural and other shippers and in fact the entire energy industry and the governments of Canada and Alberta stand to incur significant losses caused by a delay of up to two years," Canadian Natural President Tim McKay wrote on Dec. 22 to the Canada Energy Regulator (CER), cited by Reuters.
  • When completed, the TMX will have a tripled capacity to 890k b/d. Operations, excluding any further delay, are expected by the end of Q1.
Energy BulletsCanada Bank of Canada Market NewsCommodities
Energy BulletsCanada Bank of Canada Market NewsCommodities

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