MEG Energy says Trans Mountain expansion will boost Canadian oil prices 'for years'

The expansion gives Canadian oil shippers access to an additional 590,000 barrels-per-day of pipeline capacity and opens up new markets for oilsands product.The Trans Mountain expansion project, shown here under construction in Abbotsford, B.C., in May 2023, gives Canadian oil shippers access to an additional 590,000 barrels-per-day of pipeline capacity.

A 2020 study by IHS Markit estimated that insufficient pipeline export capacity resulted in $14 billion US in lost value to Canada between 2015 and 2019. In April, prices for Canadian heavy oil increased, and the WCS-WTI differential narrowed, in anticipation of the start-up of the pipeline expansion. Alson said Tuesday he expects that to be a long-term trend.

Oilsands companies have had years to ramp up their production in advance of Trans Mountain coming online, since the pipeline expansion was first proposed a dozen years ago and took more than four years to construct. Many analysts have suggested that the pipeline will quickly be filled, something Alson acknowledged.

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