TC Energy’s President and Chief Executive Officer François Poirier says revised agreements with LNG Canada have been signed, solidifying the “timely execution of our largest LNG-linked project.”

The 670 km project, which will transport natural gas from northern BC to LNG Canada’s export site in Kitimat, BC, is roughly 70% complete.

RCMP arrested two people after fresh violence erupted at a Coastal GasLink pipeline site.
30 people block RCMP vehicle at northwest B.C. pipeline site as protests continue https://t.co/Cexb8bu0Mc

— Canadian Riley (@TiaRileyCanada) July 29, 2022

TC Energy says capital costs increased due to impacts of COVID-19, weather, and other events outside the company’s control, reiterating the project remains “economically viable.”  “We currently estimate our portion of the equity contributions to Coastal GasLink LP over the project life to be approximately $2.1 billion, including the $1.9-billion equity contribution,” the company said.

In a Thursday statement, LNG’s CEO Jason Klein said he’s “happy” with the resolution with Coastal GasLink.

The pipeline project conjured up a whirlwind of controversy, met by vicious opposition from some and staunch support from others, including sporadic protests popping off at construction areas near Houston, BC for nearly five years.

Statement from Wet’suewet’en Hereditary Chiefs re: violent attack against CGL workers. The Wet’suewet’en and other Indigenous land defenders I have covered work from a place of non-violence. What happened is against Wet’suewet’en protocol pic.twitter.com/lH4CI2aQKB

— Brandi Morin (@Songstress28) February 23, 2022

On February 17, Coastal GasLink security workers on the Morice River Forest Service Road were rolled up on by a masked group of people armed with weapons, including axes, who began setting fires and destroying property.

At this point, neither the police nor CGL have said whether they believe the alleged attack is tied to opposition to the pipeline.

RCMP have not responded to requests for more details.https://t.co/WUuTbEqOiC

— andrew kurjata (@akurjata) February 18, 2022

The latest analysis, released Wednesday, shows the net present value of the pipeline is negative $600 million, leaving it worth about $1.2 billion less than the PBO’s estimate in December 2020.

The Trans Mountain project was bought by the federal government for $4.5 billion in 2018, after previous owner Kinder Morgan Canada Inc. threatened to scrap the pipeline’s planned expansion project in the face of environmentalist opposition.

Its expansion, for which construction is currently underway, will essentially twin the existing pipeline, raising daily output to 890,000 barrels to support Canadian crude oil production growth and ensure access to global energy markets.

On Wednesday, Adrienne Vaupshas – press secretary for federal Finance Minister Chrystia Freeland – said independent analyses from both BMO Capital Markets and TD Securities have found that the Trans Mountain pipeline project remains commercially viable.

In February, Freeland said Trans Mountain Corp. – a federal Crown corporation – will need to secure third-party funding to complete the project, either through banks or public debt markets.

A number of Indigenous-led initiatives have previously stated their intentions to pursue an equity stake in the pipeline.

There has been no indication that the Trudeau government has any intention of cancelling the pipeline project.

Trudeau responded to reporters “Premier Kenney has made it clear he would still like to see Keystone XL revived. I haven’t had any conversations with our premier in regards to it or any further conversations with President Biden.”  Freeland said “Our government has been very clear that we support KXL. I think it was a mistake to not move forward with KXL.”