"The stakes are high: billions of dollars at issue, with Trans Mountain's (costs) having more than quintupled since 2017 — and its costs are still growing by billions, seemingly unchecked," the oil companies stated in a motion filed with the Canada Energy Regulator earlier this week.
That's according to a regulatory filing Trans Mountain Corp. provided to the Canada Energy Regulator on Monday. It represents the latest in a series of cost increases for the high-profile project, which in 2017 was estimated to cost just $7.4 billion.
The Calgary-based company said Thursday it saw its second-highest quarterly production ever in the fourth quarter of 2023, with output of 808,600 barrels of oil equivalent per day.
In a press release, the regulator says it found that approving the application with four conditions is in the public interest, based on new inspection commitments and demonstration of quality management processes from Trans Mountain.
Despite pledging to play their role cutting planet-warming greenhouse gas emissions, Canadian banks have continued pumping billions into the Trans Mountain pipeline expansion project designed to help Canadian oil companies grow. Even as Ottawa says the public won't be on the hook, experts say that's precisely what will happen.
The federal government has issued yet another taxpayer-backed loan guarantee — this time for up to $2 billion — to help get the massively over-budget Trans Mountain pipeline expansion over the finish line.
Analysts say 2024 will be a year of weaker oil prices, something that should bring some relief to weary consumers after two years of soaring energy costs.
Business headlines in 2023 saw a housing crisis and the fight against inflation take centre stage while the job market proved to be stronger than expected.
The company building the Trans Mountain pipeline expansion has submitted evidence to support its claim that oil companies must pay more in tolls in light of the pipeline project's mounting costs.
Trans Mountain Corp. insists it is committed to "meaningful engagement" with Indigenous communities after it was given the green light to move its pipeline route despite the objection of a First Nation.