The CEO of TC Energy Corp. says the company will begin moving more oil from Western Canada into the United States by next year under a new U.S. presidential permit for the existing Keystone pipeline system.
The main export system for Western Canada's oil production is recovering after volumes fell by less than feared amid the COVID-19 economic slowdown in the second quarter, pipeline company Enbridge Inc. reported on Wednesday, July 29, 2020.
A report that says the Trans Mountain pipeline system has earned net income of $29 million in the 19 months since it was purchased by Ottawa relies on faulty accounting, according to a vocal critic of the project.
Canada's oilfield services sector is in for "an immense amount of pain" over at least the next year thanks to low North American oil and gas exploration activity amid a worldwide glut of cheap crude, according to a report from CIBC.
Billions of dollars in lawsuits will likely result if Joe Biden is elected U.S. president this November and carries out a threat to cancel the presidential permit allowing operation of the Keystone XL pipeline, Canadian observers say.