Trans Mountain pipeline expansion will boost Canadian oil prices ‘for years’: MEG Energy

Despite being more than a decade in the making, it was a muted opening for the Trans Mountain pipeline expansion as the line started up Wednesday. Breanna Karstens-Smith looks at the impacts to Albertans.“It is great for industry and Canada to have that tremendous asset available,” said MEG’s vice-president of marketing Erik Alson during a conference call with analysts to discuss the company’s first-quarter earnings.

Rising oilsands production and limited pipeline space in the fall of 2018 caused Canada’s heavy oil benchmark price, known as Western Canada Select, to sell at nearly US$50 per barrel below the U.S. benchmark West Texas Intermediate. The government of Alberta ended up curtailing oil production in the province for a time to address the problem.

“With this critical infrastructure now complete, we anticipate light-heavy differentials will remain narrow for years,” he said. “As an industry, we have a history of filling available egress, and I think that will happen again over time,” he said.

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MEG Energy says Trans Mountain expansion will boost Canadian oil prices 'for years'CALGARY — Intermediate oilsands producer MEG Energy Corp. expects the recently completed Trans Mountain pipeline expansion will boost Canadian oil prices for years to come.
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