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Archive for Friday, January 21, 2011

TransCanada Corp. secures contracts for Bakken pipeline spur

January 21, 2011

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— TransCanada Corp. says it has secured enough contracts with U.S. oil shippers to allow capacity on its proposed oil pipeline from Canada to the Gulf of Mexico.

The Calgary-based company said Thursday it secured contracts totaling 65,000 barrels a day from the rich Bakken Formation in North Dakota and Montana.

The company had faced political pressure to let U.S. oil companies tap into the Keystone XL pipeline that would cross Montana, South Dakota, Nebraska, Kansas, Oklahoma and Texas.

TransCanada says its proposed Bakken Marketlink pipeline would meet with the Keystone XL pipeline in Baker, Mont.

The Keystone XL pipeline needs a permit from the State Department because it would cross the U.S.-Canada border in carrying Canadian oil to the U.S. Gulf Coast.

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