- TransCanada (NYSE:TRP) is planning another cross-border pipeline, but unlike the Keystone XL project, the proposed Upland pipeline would serve U.S. customers by transporting oil away from the U.S., as much as 70K bbl/day of North Dakota crude that now moves by rail to refineries in east Canada.
- An undaunted CEO Russ Girling says he hopes Keystone is "an anomaly in Canada-U.S. trade of energy, but obviously, the market isn’t waiting for the regulators to catch up with their decisions; they’re moving the oil now."
- The project will be subject to regulatory reviews in Canada and the U.S., including the same kind of national interest analysis the U.S. State Department is now conducing on Keystone.
- It is not yet clear where Upland would enter the U.S., though it could be north of Minot, N.D.; the pipeline is expected to connect to the proposed 1.1M bbl/day Energy East pipeline in Saskatchewan.