Some of Canada\u0027s oil producers are objecting to potentially rising costs to ship crude on an expanded Trans Mountain pipeline. Read on.
The pipeline’s price tag has risen to almost $31 billion, up more than fivefold since it was first proposed more than a decade ago. Producers that signed contracts to ship on the line are on the hook to pay for about 20 per cent to 30 per cent of the cost increase via higher tolls. These so-called uncapped costs have climbed to $9.09 billion from $1.77 billion in 2017.
The total fixed tolls for shipping the full length of the conduit from Edmonton to the Westridge Marine Terminal range from $9.54 to $11.46 a barrel, depending on how many years the shippers have committed to the line. Trans Mountain has asked the regulator to approve its proposed interim tolls by Sept. 14, but hasn’t provided a clear start date for the project. Typically, the new tolls for a pipeline are approved just 30 days before the start of service.Article content
Trans Mountain hasn’t provided producers with “substantive or detailed information” regarding the uncapped costs, making it hard for them to tell whether the expenses were properly allocated to the portion shippers have to pay for and whether they are “just and reasonable,” Canadian Natural Resources said in its letter to the regulator.
“The level of proposed increase in the tolls will negatively impact netbacks obtained by Canadian producers and may adversely and materially impact the overall competitiveness of Canada’s oil industry and the public interest,” CNRL said.
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