Tuesday, 28 September, 2021

Developer of Keystone XL oil project abandons pipeline

Embedded Image OIL AND GAS: Developer cancels Keystone XL pipeline
Cary Erickson | 10 June, 2021, 02:24

The Alberta government ended its involvement in Keystone XL after U.S. President Joe Biden revoked the pipeline's permit in January.

TC Energy and the province said they would look at their options in the wake of the cancellation, but TC Energy said the pipeline extension was officially dead as of Wednesday.

TC Energy notified the government of Alberta of its decision and will coordinate with regulators, indigenous groups and other stakeholders "to meet its environmental and regulatory commitments and ensure a safe termination of and exit from the Project", the company said in a press release. That investment came even amid expectations Biden would make good on his word and cancel the permit for the project, which was revived by his predecessor Donald Trump. "Having said this, Alberta will continue to play an important role in a reliable, affordable North American energy system".

The pipeline, which began construction past year, would have carried more than 800,000 additional barrels a day of diluted bitumen from Alberta's oilsands to Nebraska and refineries along the U.S. Gulf Coast.

On Wednesday, he said the province will still work with USA partners to play a role in meeting American energy demands.

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"We remain disappointed and frustrated with the circumstances surrounding the Keystone XL project, including the cancellation of the presidential permit for the pipeline's border crossing", Alberta Premier Jason Kenney wrote in the release. "We will continue to identify opportunities to apply this level of ingenuity across our business going forward, including our current evaluation of the potential to power existing USA assets with renewable energy".

Keystone XL would have increased Canadian export capacity by 830,000 barrels per day, running from Hardisty, Alta.to Steele City, Neb.

The Alberta government expects losses to be within the range of $1.3B.

"The fight to stop Keystone XL was never about one pipeline", Mackey said in a news release.