Enbridge aims to build the Northern Gateway pipeline to deliver around 525,000 barrels of so-called tar sands oil from deposits in Alberta to the port of Kitimat in British Columbia.
Aboriginal communities along the Canadian western coast, as well as some provincial leaders, have expressed their objection to the project. A pipeline in Michigan operated by Enbridge and carrying tar sands ruptured in 2010, leading to the costliest onshore release in U.S. history.
Enbridge President John Carruthers defended the economic gains of Northern Gateway against critics who questioned the company's calculations regarding the future of the oil sector.
"There could be differences as forecasts change over time but they all show substantial growth in oil supply from the western Canadian basin," he was quoted by the Edmonton Journal as saying.
The report adds that Enbridge in 2011 described its forecast as "bullish."
Supporters of projects like Enbridge aim to access western ports to deliver oil to Asian markets. Hearings on Northern Gateway continue into next week.