CALGARY, ALBERTA--(Marketwire - Sept. 2, 2010) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) announced today that it will undertake an expansion of its Athabasca Pipeline to accommodate recent shipping commitments by the Christina Lake oil sands project operated by Cenovus. The estimated cost of the project is approximately $185 million. The Athabasca Pipeline transports crude oil from various oil sands projects to the mainline hub at Hardisty, Alberta. Following this expansion, which is expected to be in service in the third quarter of 2013, the capacity of the Athabasca Pipeline will be 430,000 bpd, depending on crude slate.
"We are pleased with this further expansion of our oil sands regional infrastructure to meet the needs of the Christina Lake project. Our strong existing asset base will continue to provide us with attractive investment opportunities to support growth from existing oil sands customers, as well as new projects as they develop," said Stephen J. Wuori, Executive Vice-President, Liquids Pipelines, Enbridge Inc. "The Athabasca Pipeline can be expanded to as much as 570,000 bpd. Depending on the needs of other shippers we may revise the scope of this expansion upward prior to regulatory filing. Such additional capacity would be available in the third quarter of 2014."
Since mid-2009, Enbridge has announced approximately $1.8 billion in commercially secured projects to expand and extend its Regional Oil Sands System.
"All of these projects fit well with Enbridge's investment profile and further strengthen our capacity within the region, enhancing our strategic advantage," said Mr. Wuori.
Enbridge's Regional Oil Sands System At-a-Glance:
Enbridge is the leading pipeline operator in the Fort McMurray to Edmonton/Hardisty corridor and well positioned to tie-in new oil sand developments to mainline pipelines and increase capacity for current customers. Enbridge's Regional Oil Sands Infrastructure includes the Athabasca and Waupisoo pipeline systems, connecting six producing oil sands projects. A map is available at www.enbridge.com
Athabasca Pipeline:
- 540-kilometre (335-mile) pipeline in operation since March 1999 - Annual capacity of up to 570,000 barrels per day of crude oil (depending on crude viscosity) from the Athabasca and Cold Lake regions of Alberta, south to Hardisty, Alberta
Waupisoo Pipeline:
- 380-kilometre (mile) pipeline system in operation since June 2008 - Annual capacity of up to 600,000 bpd of crude oil (depending on crude viscosity) from Enbridge's Cheecham Terminal to Edmonton
Tankage:
- Largest operator of contract storage facilities at the Hardisty hub with the 3.1 million barrel Hardisty Caverns storage facility, plus the 7.5 million barrel Hardisty Contract Terminal surface storage facility - More than 4.4 million barrels of operational storage associated with the Waupisoo and Athabasca pipelines and laterals
Enbridge Inc., a Canadian company, is a North American leader in delivering energy and one of the Global 100 Most Sustainable Corporations. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a growing involvement in the natural gas transmission and midstream businesses, and is expanding its interests in renewable and green energy technologies including wind and solar energy, hybrid fuel cells and carbon dioxide sequestration. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge employs approximately 6,500 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers, and one of the Top 100 Companies to Work for in Canada. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit enbridge.com
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
For more information please contact:
Enbridge Inc.
Jennifer Varey/Gina Jordan
Media
(403) 508-6563 or Toll Free: (888) 992-0997
jennifer.varey@enbridge.com or gina.jordan@enbridge.com
or
Enbridge Inc.
Vern Yu
Investment Community
(403) 231-3946
vern.yu@enbridge.com
Website: www.enbridge.com