Enbridge Energy Partners LP (NYSE: EEP) said it expects to invest about $3.4 billion in a light oil market access program, which the company expects to boost the company?s access to light oil production in North Dakota and western Canada.?
Enbridge Energy Partners LP (NYSE: EEP) said it expects to invest about $3.4 billion in a light oil market access program, which the company expects to boost the company?s access to light oil production in North Dakota and western Canada.
Enbridge, a Houston-based crude oil and liquid petroleum transportation and storage company, said in a statement that in the past five years, light crude production in North Dakota?s Bakken shale play has climbed 250 percent to 700,000 barrels per day, and could grow to as much as 1.2 million barrels per day in five years.
Enbridge?s future North Dakota feeder system project, known as the Sandpiper Project, will cost $2.5 billion and is expected to be in service in early 2016. The company said it expects the light crude takeaway capacity at the Bakken play to grow from 225,000 barrels per day to 580,000 barrels per day.
The 24-inch diameter pipeline will expand 600 miles from North Dakota to a mainline system terminal in Wisconsin.
Three other projects, which will be paid for by both Enbridge Energy Partners and its subsidiary Enbridge Inc., are slated to start up in mid-2015 and early 2016.
The total light crude investment is sizable compared to its net cash the company used in investing activities in the first nine months in 2012 ? about $1.2 billion.
Collin Eaton covers banking, finance and securities.
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