Keystone XL wait hits five years this week

|By:, SA News Editor

This week marks the five-year anniversary of TransCanada's (TRP) application for approval of the Keystone XL pipeline to carry Canadian crude directly to the U.S. Gulf coast - a process originally expected to take 18-24 months.

TRP says it’s not prepared to wait out the Obama administration, but it has already spent ~$2B on KXL, mostly for segments of pipe and pumps but also for rights-of-way and permitting.

But not everyone in the oil patch thinks the project’s delay is such a bad thing: Birchcliff Energy (BIREF.PK) CEO Jeff Tonken says the White House’s slow-go approach has forced Canada to look hard at other markets outside the U.S. to export its surplus energy.