An indigenous-led group has submitted a preliminary proposal to the Canadian government outlining its plans to bid for a majority stake in the Trans Mountain oil pipeline expansion project, a spokeswoman for the group said on July 26.
Project Reconciliation has previously said it wants to buy a 51% stake in the existing pipeline and planned expansion project for $5.24 billion.
Prime Minister Justin Trudeau’s Liberal government bought Trans Mountain last year and approved the expansion in June. The project will triple capacity on the pipeline, which carries crude from Alberta’s oil sands to British Columbia’s coast, and help boost Canada’s oil industry.
Project Reconciliation spokeswoman Sarah Del Giallo said in a statement the group has not yet submitted a formal bid but looked forward to discussing its proposal with the federal government.
The Trans Mountain expansion is opposed by some indigenous groups but supported by others, who see it as a chance for indigenous people to benefit from Canada’s resources.
“This is a pivotal moment for indigenous peoples. If we get it right, we can build strong, indigenous economies to give our communities the resources they need to thrive. We look forward to continuing discussions with the government over the coming months,” Delbert Wapass, Project Reconciliation’s executive chairman, said in the statement.
The acquisition of Haynesville gas gathering assets from Momentum Midstream and Indigo Natural Resources “checks all of our boxes,” DTE Energy CEO says.
Michael Pearl succeeds Jaime R. Casas who has transitioned to vice president and Treasurer of Occidental Petroleum.
Schlumberger NV beat Wall Street estimates for profit on Oct. 18, in the first quarter under Olivier Le Peuch, as higher international drilling activity boosted demand for its equipment and services and helped counter weakness in North America.