Thursday, August 26, 2010

Enbridge announces next Bakken Pipeline expansion program

HOUSTON, Texas, and CALGARY, Alta. - Enbridge Energy Partners L.P. (EEP) and Enbridge Income Fund (ENF) announced on Aug. 24 that they are proceeding with a joint project to further expand crude oil pipeline capacity to accommodate growing production from the Bakken and Three Forks formations located in Montana, North Dakota, Manitoba and Saskatchewan. EEP and ENF are affiliates of Enbridge Inc.
The Bakken Expansion Program will increase takeaway capacity from the Bakken play by 145,000 b/d, which can be readily expanded to 325,000 b/d at low cost.
"This latest in a series of expansions will provide shippers with favorable tolls, diverse market alternatives and batch quality maintenance for this high quality light sweet crude. Further, the Bakken and Three Forks formations represent an area of tremendous opportunity for both Enbridge Energy Partners and Enbridge Income Fund," said Stephen J. Wuori, executive vice president, liquids pipelines, Enbridge Inc. "We anticipate substantial further production growth based on discussions with producers, and our own regional supply analysis. We are well positioned to provide shippers with attractive transportation options based on our extensive existing operations in the region."
Enbridge's Bakken Expansion Program will involve U.S. projects that will be undertaken by EEP at a cost of approximately US$370 million; and Canadian projects which will be undertaken by ENF at a cost of approximately Cdn$190 million.

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