TransCanada says pipeline may have ruptured
TransCanada Corp (NYSE:TRP) said on Thursday that a natural gas pipeline serving northern Alberta's oil sands may have ruptured.
The problem is in the area of its Woodenhouse and Buffalo Creek North compressor station and is affecting line pressure in Fort McMurray, Reuters reports.
The company is still trying to confirm the rupture but the announcement boosted Canadian cash crude prices because oil sands operations depend on natural gas.
The pipeline is part of TransCanada's Nova regional natural gas pipeline system.
According to a separate Reuters report, Suncor Energy has slowed production at its northern Alberta operations in order to "accommodate the shortage of natural gas." Its unclear to what extent output will be affected.