Wednesday, April 18, 2012

Spectra Energy moving forward with TEAM 2014 expansion project in Texas

HOUSTON, Texas - Spectra Energy Corp's Texas Eastern Transmission, LP on April 12 named Chevron U.S.A. Inc. and EQT Energy, LLC, a gas marketing subsidiary of EQT Corp., as anchor shippers for its recently announced Texas Eastern Appalachia to Market (TEAM) 2014 Expansion Project.

TEAM is an expansion of the company's existing Texas Eastern system that will deliver additional emerging Appalachian shale natural gas supplies to diverse markets in the Northeast, Midwest and Southern U.S.

Under the TEAM 2014 project, Chevron and EQT will ship a combined quantity of 600 million cubic feet per day (MMcf/d).

The estimated capital investment for the project is approximately $500 million, with a targeted in-service date of fourth quarter 2014. A term of the TEAM 2014 project is that a shipper is required to commit to a minimum volume of 300 MMcf/d to qualify as an anchor shipper.

TEAM 2014 follows the successful TEAM 2012 project currently under construction, a capacity expansion of 200 MMcf/d for two shippers, Range Resources and Chesapeake Utilities, to be placed into service this fall.

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