TPT May 2014

Global Marketplace

despite increased investment. In making energy reform a feature of his 14-month-old government, Mr Nieto has signalled a clear intention to remedy that. If the reforms go forward as expected by his administration, Mexico will be moving strongly into the US and global energy markets. “There’s no question that Mexico has embarked on a bold move,” Joe Oliver, Canada’s natural resources minister, told reporters at the IHS CERAweek energy conference held 3-7 March in Houston. The 33 rd annual gathering hosted by the global information company IHS (Englewood, Colorado) this year attracted some 2,300 government officials and leaders from the energy, policy, technology and financial communities. In a separate interview at the event, with Kristen Hays of Reuters, Mr Oliver expanded on what Mexico’s energy reform initiative would mean for Canada vis-à-vis the US, currently its sole customer for oil and natural gas but moving quickly toward self-sufficiency. “It’s a strategic objective [for Canada] to diversify,” Mr Oliver said. “Which means we’ve got to get the resources to tidewater. Which means we’ve got to build pipelines.” (“Mexico to Be Rival Oil, Gas Supplier to US – Canada Minister,” 4 March) pipelines current and potential Two Canadian oil pipeline projects have already come some part of the way. A 6 March decision by Canada’s National

Energy Board will allow oil from Canada’s west to travel across the US through a pipeline owned by Enbridge Inc from Alberta east to the border of Ontario. From there it will flow to refineries in Quebec through a reversed pipeline known as Line 9. The change will allow refineries that rely on overseas oil in Montreal, where the pipeline ends, and Quebec City to use both conventional oil and oil sands bitumen from Western Canada. Enbridge also is in negotiations with native groups over a new oil sands pipeline to the west coast of Canada. The ruling in its favour came at a time when Enbridge’s rival, TransCanada, was still awaiting approval from the Obama administration for its Keystone XL pipeline, which would carry oil sands production to the US Gulf Coast. Ms Hays also reported on three pipelines, now at the proposal stage, that would move Canadian oil for export to ports on both coasts. They are: › Enbridge’s $7.1bn, 550,000 barrels per day (bpd) Northern Gateway pipeline from Alberta to the Pacific Coast, intended for access to the Asian market; › Kinder Morgan Energy Partners’ $5.1bn project for nearly tripling the capacity of the Trans Mountain pipeline to 890,000 bpd to send more crude oil from Alberta to the Pacific Coast;

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M ay 2014