Kearney calls Canada’s new oil pipeline proposal “very likely”

(Bloomberg) – Prime Minister Mark Kearney said the new oil pipeline to Canada’s west coast is likely to be proposed as a national construction project.

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Carney, who attended the annual Calgary Stampede in the Alberta capital, told local newspapers that it depends on the private sector to make the proposal, as opposed to the government’s “top-down” approach.

“Given the scale of the economic opportunities, the resources we have, and the expertise we have, I think there’s a very good chance that there’s an oil pipeline, one of the proposals for these national interest projects,” he told the Calgary Herald.

Comments come weeks after Congress passed Building C-5. Bill C-5 aims to streamline recognition for the development of national importance and break down barriers to internal trade.

Carney said it also supports the proposed 16.5 billion ($12 billion) carbon capture system for Alberta’s oil sands as a potential national construction project. Alberta Prime Minister Daniel Smith suggests that both the oil pipeline and the carbon capture project could proceed as so-called epic bargains for the energy sector.

“I am sure my government will do everything possible to help us build those projects,” Carney told the newspaper. “We have laws, but we’ve introduced people at the federal level where we can get things done.”

Smith and several industry groups are seeking new pipelines that can transport up to 1 million barrels per day to ports in northern British Columbia to meet the growing global demand for Canada’s heavy crude oil.

The existing pipeline, including the recently expanded Trans Mountain system that ships oil to Asia and the US, is expected to reach full capacity by the end of the decade, according to the newspaper.

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