Enbridge Inc. received the final permit for its Line 3 pipeline replacement project from the Minnesota Pollution Control Agency on Nov. 30, clearing the company to move forward on the final segment of construction.
The construction stormwater permit was the last for the $2.9 billion U.S. component of the project which will move up to 760,000 barrels a day (bbl/d) of crude from Alberta, Canada to Superior, Wis., via Minnesota and North Dakota. Construction is complete in Canada, North Dakota and Wisconsin.
Enbridge told the West Central Tribune newspaper that it expects construction to take about six to nine months.
The project has been delayed by a slew of lawsuits lodged by environmental groups as well as the White Earth Band of Ojibwe and the Red Lake Band of Chippewa Indians. Suits have contended that the risk of a spill is too high. The groups also said that the pipeline increases reliance on fossil fuels instead of renewable forms of energy.
If dealmakers can get over the past year, with its misery as treacherous and deep as a river of mud, they may find a promising market in the months ahead.
Analysts at Cowen & Co. boosted their earnings estimates for Apache due to better-realized pricing, notably in gas that “reflect greater exposure to daily pricing versus bid week.”
The appointment of Tiffany “TJ” Thom Cepak as board chairman replaces Mark A. “Mac” McFarland, who was named as permanent president and CEO of California Resources last month.