Oil Companies Halt C$7 Bln Arctic Canada Pipeline

Oil companies planning North America’s first major Arctic natural gas pipeline slammed the brakes on the C$7 billion ($5.6 billion) project on Thursday, blaming the slow pace and complexity of the regulatory process.

The companies said they were still committed to the Mackenzie Valley project, but the move adds more uncertainty to a development that has been several decades in the making, and is viewed as a key piece in the puzzle of meeting the continent’s growing demand for gas.

Reuters