Construction of TC Energy Corp.'s oil pipeline project, Keystone XL, has begun in Canada, the premier of the Canadian province of Alberta announced on July 3, saying the government has started talking with U.S. Democratic lawmakers for support.
The pipeline project is supported by U.S. President Donald Trump, but faces opposition from presumptive Democratic presidential nominee Joe Biden, who has said he would rescind the permit for Keystone XL pipeline if elected.
"We will be reaching out, as we already have... to members of [Biden's] party, many of whom support the project," Alberta premier Jason Kenney told reporters on July 3.
He said labor unions with close connections to Biden's party, trade unions, steel workers and others will be approached for support of the project.
Construction of the pipeline, which would carry 830,000 bbl/d of crude from Alberta to the U.S. Midwest, has been delayed for more than a decade by opposition from landowners, environmental groups and tribes.
"If there is a change of administration next January, there will have been very substantial progress on this project in three U.S. states, across the Canada-U.S. border as well as north of the border," Kenney added.
The project has suffered various setbacks including the ruling by a U.S. court on April 15 against the U.S. Army Corps of Engineers' use of a permit that allows new energy pipelines to cross water bodies.
Earlier this year, Alberta had said it would invest $1.1 billion in Keystone XL and back TC Energy's $4.2 billion credit facility.
Alberta, home of the world's third-largest oil reserves, has had to deal for years with weakened prices due to congested pipelines, and has had to curtail oil production.
Recommended Reading
Haslam Family Office: ‘We Need Hydrocarbons’
2025-01-29 - The managing director of HF Capital—the office for Tennessee's Haslam family—says that as long as oil, gas and other energy sources are lacking capital, there’s an investment opportunity.
BP Cuts Renewable Investment, Boosts Oil and Gas in Strategy Shift
2025-02-26 - BP aims to grow oil and gas production to between 2.3 MMboe/d and 2.5 MMboe/d in 2030.
Utica Oil’s Infinity IPO Values its Play at $48,000 per Boe/d
2025-01-30 - Private-equity-backed Infinity Natural Resources’ IPO pricing on Jan. 30 gives a first look into market valuation for Ohio’s new tight-oil Utica play. Public trading is to begin the morning of Jan. 31.
Pearl Energy Investments Closes Fund IV with $999.9MM
2025-02-04 - Pearl Energy Investments’ Fund IV met its hard cap within four months of launching and closed on Jan. 31.
Utica Liftoff: Infinity Natural Resources’ Shares Jump 10% in IPO
2025-01-31 - Infinity Natural Resources CEO Zack Arnold told Hart Energy the newly IPO’ed company will stick with Ohio oil, Marcellus Shale gas.