(Calgary) The upcoming commissioning of the Trans Mountain pipeline will help propel Canadian oil production to a record level over the next two years, Deloitte Canada estimated in a new report on Wednesday.

According to the document, the additional capacity created by the pipeline is expected to increase Canadian production by approximately 375,000 barrels per day over the next two years.

This is more than the total amount of oil production added by the Canadian industry over the past five years, and represents an 8% increase from the previous production peak, set in November 2022.

The Trans Mountain pipeline is the only pipeline system in Canada transporting oil from Alberta to the West Coast.

Its expansion, currently under construction, will increase the pipeline’s capacity from 300,000 barrels per day to 890,000 barrels per day.

The Trans Mountain pipeline expansion is expected to be completed in early 2024.