TransCanada Selected to Develop Northern Courier Pipeline System

abarrelfullabarrelfull wrote on 03 Aug 2012 07:16
Tags: canada n-america pipeline transcanada

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TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) is pleased to announce that it has been selected by the Fort Hills Energy Limited Partnership to design, build, own and operate the proposed Northern Courier Pipeline project. The project, with an estimated capital cost of $660 million, is a 90-kilometre pipeline system that will transport bitumen and diluent between the Fort Hills mine site and the Voyageur Upgrader located north of Fort McMurray, Alberta.

Northern Courier Pipeline is fully subscribed under long-term contract to service the Fort Hills Mine, which is jointly owned by Suncor Energy Inc, Total E&P Canada Ltd. and Teck Resources Limited and is operated by Suncor Energy Operating Inc. Northern Courier is conditional on and subject to the Fort Hills project receiving sanction by its co-owners and obtaining regulatory approval. TransCanada expects to file its initial regulatory application in late 2012, and at that time a more detailed schedule will be provided.

"We appreciate the confidence placed in us to build, own and operate the Northern Courier Pipeline," said Russ Girling, TransCanada's president and chief executive officer. "With over 60 years' experience in Alberta and North America, TransCanada is a leader in providing safe, efficient and reliable operation of energy infrastructure, while respecting the communities and environments where we operate. We look forward to providing additional solutions to meet the transportation needs of growing crude oil production in Alberta."

The Northern Courier Pipeline will complement TransCanada's extensive operating experience in Alberta. TransCanada currently operates 24,200 kilometres of natural gas pipelines across Alberta and 3,500 kilometres of crude oil pipelines through the operation of the Keystone Pipeline. Keystone has safely transported more than 280 million barrels of crude oil from Alberta to markets in the United States. This project will be operated by Northern Courier Pipeline GP Ltd., a wholly-owned subsidiary of TransCanada.

The final pipeline route will be determined with Aboriginal and stakeholder input, as well as consideration for environmental, archaeological and cultural values, land use compatibility, safety, constructability and economics.

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