Suncor and Canadian Natural Resources say other options exist
CALGARY — Amid growing suggestions the U.S. State Department will delay or potentially reject the Keystone XL oil pipeline, oilsands executives counting on ramped up exports of bitumen said Thursday there are other options.
Canadian Natural Resources Ltd. president Steve Laut said oilsands producers could pursue other markets, if the U.S. denies a presidential permit needed for construction of the proposed 2,700-kilometre crude oil pipeline from Alberta to the Texas Gulf Coast.
CNRL has 120,000 barrels per day “locked up on Keystone for 20 years,” said Laut, who’s betting on U.S. approval. That’s about one-fifth of the company’s current total production of oil and gas.
Laut, speaking on a conference call, said if the up to 900,000 barrel-per-day line doesn’t win approval south of the border, it’s “pretty clear” U.S. markets are “not in favour” of Canadian oil.
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