The National Energy Board announced on Thursday that it had issued a Certificate of Public Convenience and Necessity for the Mackenzie Valley Pipeline project.

This is the latest in a series of required approvals received for the project, a proposed $16 billion, 1196 kilometer pipeline to carry natural gas from the Arctic to markets in central North America. An unknown number of additional construction and similar permits are still required before construction can begin.

The Certificate contains numerous conditions relating to pre-construction, construction and operation of the pipeline. Notably, the Certificate expires on December 31, 2015 unless construction has commenced by that date.

Update: A copy of the CPCN can be found here.