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January 9, 2013
07:05 EDTTRP, PGNTransCanada selected to develop $6B in natural gas infrastructure
TransCanada (TRP) has been selected by Progress Energy Canada (PGN) being the successor by amalgamation of PETRONAS Carigali Canada Ltd. and Progress Energy Resources Corp. to design, build, own and operate the proposed $5B Prince Rupert Gas Transmission project. This proposed pipeline will transport natural gas primarily from the North Montney gas-producing region near Fort St. John, British Columbia to the recently-announced Pacific Northwest LNG export facility in Port Edward near Prince Rupert, B.C. Progress and TransCanada expect to finalize definitive agreements in early 2013, subject to approvals by their respective Boards. TransCanada will immediately commence Aboriginal and stakeholder consultation and preparation of the relevant regulatory filings for this project under B.C. jurisdiction. In addition, TransCanada proposes to extend its existing NOVA Gas Transmission system in northeast B.C. to connect both to the Prince Rupert Gas Transmission project and to additional North Montney gas supply from Progress and other parties. Initial capital cost estimates associated with extensions of the NGTL System are approximately $1B-$1.5B, with an in-service date targeted for the end of 2015.
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