A protracted battle over pipelines in Canada has led to some strategy shifts in the oil sector. Calgary-based Cenovus Energy Inc. said Sunday it will buy Husky Energy Inc. for $3.8 billion in stock. Cenovus executives said the acquisition will boost the company’s refining business, making it less exposed to pipeline problems that have depressed prices for Canadian heavy crude.The Keystone project has been fought over ever since it was first proposed in 2008 by Calgary-based TC Energy Corp.
The Canadian pipeline operator has focused its case on the economic impacts. More than 2,500 people are already working on the right-of-way for the pipeline, spokesperson Terry Cunha said in an emailed statement. “Keystone XL will generate substantial economic benefits to more stakeholders and strengthen North American energy security,” Cunha said.Article content continued
The “new ethos of no growth” in the industry and a focus on returns for investors and cash flow “really moderates the go-forward production outlook,” Nuttall said. “There is no need for any oilsands projects to be developed in a climate-constrained world,” he said.Article content continuedFor Alberta, the cancellation of Keystone XL would be a symbolic and financial blow. To jump-start work on the Canadian side, the province agreed earlier this year to fund the first year of construction with a US$1.1 billion investment and to guarantee US$4.2 billion of loans.
I wouldn't be to quick on the Dearly beloved we are gathered here today just yet
So, they dont want to build a pipeline to USA because of climate change, meanwhile Warren Buffett has a railway shipping oil from Canada nonstop. Must be those emmision free diesel engines being used.
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