Enbridge Files Regulatory Application for Waupisoo Project
December 22, 2005
CALGARY, ALBERTA--(CCNMatthews - Dec. 22, 2005) - Enbridge Pipelines (Athabasca) Inc., a wholly owned subsidiary of Enbridge Inc. (TSX:ENB) (NYSE:ENB), has filed an application for regulatory approval for the Waupisoo Pipeline Project with the Alberta Energy and Utilities Board and other provincial government departments. Subject to regulatory approval in mid-2006, the expected in-service date of the pipeline is mid-2008.
Enbridge will construct the 30-inch diameter, 380-kilometre long Waupisoo Pipeline at an estimated cost of Cdn$400 million (in 2005 dollars) to transport crude oil from the Alberta oil sands to the Edmonton area refinery hub. The line's initial capacity will be 350,000 barrels per day with a maximum capacity of 600,000 barrels per day.
The Waupisoo Project's scope also includes a 16-inch diluent return line, which would operate from the Edmonton area refinery hub north to the oil sands region, and would be constructed in conjunction with the Waupisoo crude oil pipeline. The estimated cost of the diluent line is approximately Cdn$200 million.
On September 9, 2005, Enbridge announced that it has reached an agreement on long-term crude oil shipping commitments on the Waupisoo Pipeline with a group of founding shippers. Shipping commitments have not been finalized on the diluent line.
The Waupisoo Pipeline will initiate at Enbridge's Cheecham Terminal on the Athabasca Pipeline and terminate adjacent to Enbridge's mainline Edmonton Terminal. The pipeline route, which was defined through the project's public consultation process and field studies, was selected to minimize impact on environmentally sensitive areas, aboriginal traditional territories and agricultural lands.
Enbridge Inc., a Canadian company, is a leader in energy transportation and distribution in North America and internationally. 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 international operations and a growing involvement in the natural gas transmission and midstream businesses. 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 4,400 people, primarily in Canada, the U.S. and South America. Enbridge's common shares trade on the Toronto Stock Exchange in Canada and on the New York Stock Exchange in the U.S. under the symbol ENB. Information about Enbridge is available on the Company's web site at www.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 that 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. 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.
Bruce DeBaie
(403) 231-5768
Email: bruce.debaie@enbridge.com
or
Investment community:
Enbridge Inc.
Bob Rahn
(403) 231-7389
Email: bob.rahn@enbridge.com
Website: www.enbridge.com
Enbridge will construct the 30-inch diameter, 380-kilometre long Waupisoo Pipeline at an estimated cost of Cdn$400 million (in 2005 dollars) to transport crude oil from the Alberta oil sands to the Edmonton area refinery hub. The line's initial capacity will be 350,000 barrels per day with a maximum capacity of 600,000 barrels per day.
The Waupisoo Project's scope also includes a 16-inch diluent return line, which would operate from the Edmonton area refinery hub north to the oil sands region, and would be constructed in conjunction with the Waupisoo crude oil pipeline. The estimated cost of the diluent line is approximately Cdn$200 million.
On September 9, 2005, Enbridge announced that it has reached an agreement on long-term crude oil shipping commitments on the Waupisoo Pipeline with a group of founding shippers. Shipping commitments have not been finalized on the diluent line.
The Waupisoo Pipeline will initiate at Enbridge's Cheecham Terminal on the Athabasca Pipeline and terminate adjacent to Enbridge's mainline Edmonton Terminal. The pipeline route, which was defined through the project's public consultation process and field studies, was selected to minimize impact on environmentally sensitive areas, aboriginal traditional territories and agricultural lands.
Enbridge Inc., a Canadian company, is a leader in energy transportation and distribution in North America and internationally. 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 international operations and a growing involvement in the natural gas transmission and midstream businesses. 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 4,400 people, primarily in Canada, the U.S. and South America. Enbridge's common shares trade on the Toronto Stock Exchange in Canada and on the New York Stock Exchange in the U.S. under the symbol ENB. Information about Enbridge is available on the Company's web site at www.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 that 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. 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 Pipelines (Athabasca) Inc.Bruce DeBaie
(403) 231-5768
Email: bruce.debaie@enbridge.com
or
Investment community:
Enbridge Inc.
Bob Rahn
(403) 231-7389
Email: bob.rahn@enbridge.com
Website: www.enbridge.com
