Enbridge Northern Gateway Pipelines

But British Columbians hired, they didn't hire an environmental premier.

My predictions are he's going to support Northern Gateway Pipeline.

He will not fight the tanker ban if it's going to be eliminated, which I think it will be.

By the federal

Here's the Canadian version.

Northern Gateway Pipeline killed by the liberals in 2016.

Energy East Pipeline dead in 2017 after Ottawa changed the rules.

C-69, that's the no more pipelines law.

And pipelines became the symbol of everything that is wrong.

Northern Gateway, Energy East, Keystone XL, Trans Mountain.

Every time a project was delayed or canceled or tied up in court, Albertans heard the same message.

Your product is welcome, but not quite enough to actually get it anywhere.

So you don't want to solve one, one problem just to create another problem.

The original Northern Gateway pipeline had this-

Yeah

... um, baked into their design, in that the pipeline wasn't just one pipeline sending bitumen west to the West Coast.

In fact, they, they sell at a very low price elsewhere in the world.

They, they command only a premium in North America because of the oil sands', like, voracious need for it.

So the original p- um, Northern Gateway had this baked into its design because they knew that was-

Mm-hmm

Well, [laughs] uh, a couple of points I would make.

Think of the value lost to this country by not having done Northern Gateway back in 2017 and 20- uh, 2012.

I mean, the, the value loss is enormous.

Uh-

Yeah

... going into Prince Rupert.

Yeah, Northern Gateway.

Uh, that again was by extreme interventions by the Department of the Environment, led by Catherine McKenna.

And how, how you s- how anyone would see this comes down to two basic questions.

One, why does the critical energy infrastructure cost so much nowadays? And number two, how much are we willing to pay to reduce our trade dependence on the United States? It, it's important to remember that not very long ago, private sector pipeline company Enbridge had planned to build the Northern Gateway pipeline to Kitimat, which would've had an initial export capacity of 525,000 barrels per day.

However, for various re- reasons that are vigorously debated to this day, the pipeline was abandoned by Enbridge.

I don't think that Joe and I are gonna spend too much time debating or relitigating Northern Gateway, but we can all generally agree that Enbridge made the correct decision that under the conditions it was facing, uh, to get the pipeline built, it could not possibly get an adequate return on investment on a pipeline carrying oil to the Pacific and the nether, more northern regions of the Pacific.

Mm-hmm.

Mm-hmm.

Yeah.

Energy East, Keystone XL, Northern Gateway.

This is a way for us to be able to get confidence back into the industry and, and hopefully, this will be one of several pipelines we'll be able to build in future.

Okay.

... oil sands royalty regime, which we'll be doing in, in November, and I, I expect that we will see a lot of, uh, f- of projects move to final investment decision at that point in time.

When we looked historically, um, well, before we, we saw a dampening of the confidence in the, in the, in the market because of decisions that had been made by government, we had something in the order of two million barrels, uh, that would've been, uh, prepared to be permitted and come online if we look back in history.

And so if we were in that position 10 years ago when we were talking about Northern Gateway and Energy East and Keystone-

Mm-hmm