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Canadian oil exec: Oil sands growth will depend on Keystone XL
New refinery capacity and pipeline projects coming on line will help demand and prices for Canadian bitumen in the next two years but Canadian Natural Resources Ltd. president Steve Laut says the proposed Keystone XL pipeline will eventually be essential for growth in the oil sands industry.
“Long-term, we do need Keystone to be able to grow the volumes in Canada,” Mr. Laut said in an interview following the release of his company’s first-quarter results on Friday.
Mr. Laut’s emphasis on the importance of Keystone stands in contrast to what others in the industry, as well as the U.S. State Department, have said regarding the project. TransCanada Corp. chief executive Russ Girling has said Keystone, his company’s proposed pipeline project, is the safest and most efficient way of transporting Canadian oil, but it’s just one way of getting from A to B. Last month he said that even if opponents manage to halt the $5.4-billion project in its tracks “there’s billions of dollars of investment and billions of dollars of opportunity, and the world needs this source of oil.”
The U.S. State Department said in a March draft report that the proposed pipeline – which will add 830,000 barrels a day of transport capacity between Alberta and refineries on the Gulf Coast – will not, on its own, have a major impact on development in the oil sands and, therefore, on global emissions of greenhouse gases. The State Department concluded that oil sands producers will eventually find new routes to markets, including the growing use of rail cars to transport crude.
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http://www.theglobeandmail.com/report-on-business/oil-sands-growth-will-depend-on-keystone-canadian-natural/article11712377/
“Long-term, we do need Keystone to be able to grow the volumes in Canada,” Mr. Laut said in an interview following the release of his company’s first-quarter results on Friday.
Mr. Laut’s emphasis on the importance of Keystone stands in contrast to what others in the industry, as well as the U.S. State Department, have said regarding the project. TransCanada Corp. chief executive Russ Girling has said Keystone, his company’s proposed pipeline project, is the safest and most efficient way of transporting Canadian oil, but it’s just one way of getting from A to B. Last month he said that even if opponents manage to halt the $5.4-billion project in its tracks “there’s billions of dollars of investment and billions of dollars of opportunity, and the world needs this source of oil.”
The U.S. State Department said in a March draft report that the proposed pipeline – which will add 830,000 barrels a day of transport capacity between Alberta and refineries on the Gulf Coast – will not, on its own, have a major impact on development in the oil sands and, therefore, on global emissions of greenhouse gases. The State Department concluded that oil sands producers will eventually find new routes to markets, including the growing use of rail cars to transport crude.
...
