CALGARY — The CEO of Enbridge Inc. is lauding yesterdays pipeline deal between the premiers of Alberta and B.C. and says the company is working on updating the pricetag for its contentious Alberta-to-West Coast proposed oil pipeline.

Al Monaco says the agreement shows leadership on the part of Albertas Alison Redford and B.C.s Christy Clark and will help the companys controversial Northern Gateway oil pipeline move forward.

Under the deal, B.C. will not ask Alberta for a slice of its oil royalties to ensure it has its fair share of the pipelines economic benefits, but Alberta supports B.C.s right to negotiate with industry on that matter.

Monaco says its too soon to say what, if anything, Enbridge can offer on that front and that the interests of the Alberta oil producers that would use the pipeline must be taken into consideration.

Monaco also says the cost of the Northern Gateway pipeline is likely to go over its current pricetag of $6 billion as that 2010 estimate is out of date.

He says Enbridge wont have an up-to-date cost estimate until after it has done more preliminary design and engineering work.