TRANSCANADA CORP. (Toronto symbol TRP; www.transcanada.com) has agreed to reroute its proposed Keystone XL oil pipeline around an environmentally sensitive aquifer in Nebraska’s Sandhills region.

The state government will work closely with TransCanada to find an acceptable route. That should speed up the environmental approval process for this Canadian stock’s biggest pipeline project.

Keystone XL will pump oil from the Alberta oil sands through Oklahoma to refineries on the U.S. Gulf Coast. Recently, the U.S. State Department postponed a final decision on the project until 2013 to give TransCanada time to find a better route through Nebraska.

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Canadian stocks: Enbridge could profit from delay in Keystone XL pipeline

ENBRIDGE INC. (Toronto symbol ENB; www.enbridge.com) could benefit from the delay of TransCanada’s Keystone XL pipeline. To meet rising oil sands production, Enbridge wants to build the Northern Gateway pipeline, which would pump crude oil from Edmonton to a storage terminal in Kitimat, B.C. From there, the oil would be loaded onto tankers and shipped to Asia.

A lengthy delay or the cancellation of Keystone XL would add to this project’s appeal as shippers look for ways to ship their oil to markets outside the U.S.

Enbridge has also agreed to buy half of the Seaway pipeline from ConocoPhillips (New York symbol COP) for $1.15 billion U.S.; Enterprise Product Partners LP (New York symbol EPD) owns the other half and operates the pipeline.

The Seaway pipeline pumps crude oil from Houston, Texas, to Cushing, Oklahoma. Due to rising inventories at Cushing, Enbridge and Enterprise plan to reverse the flow of the line and pump oil to refineries on the U.S. Gulf Coast.

The plan needs regulatory approval, but the two companies aim to begin pumping oil from Cushing by mid-2012.

We cover a number of pipelines, utilities and other conservative Canadian stocks in the Canadian Wealth Advisor. In the latest issue, we assess the financial stakes and potential risks in the expansion plans of both TransCanada and Enbridge and give our clear buy-hold-sell advice on these two Canadian stocks.

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