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An Indigenous-led group says it will soon be ready to make a bid for majority ownership of the controversial Trans Mountain pipeline currently owned by the federal government.

The group, called Project Reconciliation, says it will be prepared as early as next week to talk with Ottawa about its proposal for a 51 per cent stake in the pipeline.

Project Reconciliation says the bid will be underwritten by contracts with pipeline customers and not rely on taxpayers.

The group says almost 340 Indigenous communities across B.C., Alberta, and Saskatchewan could choose to share ownership of the pipeline, which is designed to ship crude oil from the oilsands to the West Coast.

Ottawa reapproved the pipeline last month after its initial go-ahead was quashed by the Federal Court of Appeal over incomplete Indigenous consultations and a faulty environmental review.

The pipeline has support from some Indigenous groups along the route, but faces intense opposition from others, especially on the coast.