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Enbridge plans $400-million oil sands expansion
Enbridge Inc. (ENB-T48.53-0.97-1.96%) said Monday it plans a $400-million expansion of its Waupisoo oil sands pipeline system and is joining a carbon-capture project backed by power producers TransAlta Inc. (TA-T19.61-0.71-3.49%) and Capital Power Corp. (CPX-T22.29-0.51-2.24%)
Enbridge, Canada`s No. 2 pipeline company, said producers have committed to ship another 229,000 barrels a day on Enbridge`s Waupisoo system, requiring a 255,000 bpd expansion of the line, which currently handles up to 350,000 barrels of oil sands crude daily.
Oil companies are again expanding operations in the oil sands region of northern Alberta, the largest oil reserves outside of the Middle East, after investment in the region dried up as commodity prices stagnated during the recession. Suncor Energy Inc., (SU-T31.65-1.35-4.09%) Total SA, (TOT-N44.68-1.84-3.96%) Imperial Oil Ltd. (IMO-T38.89-1.04-2.60%) and others are expanding existing operations or launching new projects as oil prices firm.
The expansion of the Waupisoo system, which gathers oil from projects and delivers it to a pipeline hub near Edmonton, 380 kilometres south, will be done in two phases. The first 65,000 bpd tranche will be complete in the second half of 2012, then a 229,000 bpd expansion will be added in the second half of 2013.
Read full article here
Enbridge Inc. (ENB-T48.53-0.97-1.96%) said Monday it plans a $400-million expansion of its Waupisoo oil sands pipeline system and is joining a carbon-capture project backed by power producers TransAlta Inc. (TA-T19.61-0.71-3.49%) and Capital Power Corp. (CPX-T22.29-0.51-2.24%)
Enbridge, Canada`s No. 2 pipeline company, said producers have committed to ship another 229,000 barrels a day on Enbridge`s Waupisoo system, requiring a 255,000 bpd expansion of the line, which currently handles up to 350,000 barrels of oil sands crude daily.
Oil companies are again expanding operations in the oil sands region of northern Alberta, the largest oil reserves outside of the Middle East, after investment in the region dried up as commodity prices stagnated during the recession. Suncor Energy Inc., (SU-T31.65-1.35-4.09%) Total SA, (TOT-N44.68-1.84-3.96%) Imperial Oil Ltd. (IMO-T38.89-1.04-2.60%) and others are expanding existing operations or launching new projects as oil prices firm.
The expansion of the Waupisoo system, which gathers oil from projects and delivers it to a pipeline hub near Edmonton, 380 kilometres south, will be done in two phases. The first 65,000 bpd tranche will be complete in the second half of 2012, then a 229,000 bpd expansion will be added in the second half of 2013.
Read full article here