Enbridge Announces Successful Conclusion of Spearhead Pipeline Expansion Open Season

abarrelfullabarrelfull wrote on 19 Jun 2015 06:12

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April 27, 2007

Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced the successful conclusion of the Open Season for the Spearhead Pipeline ("Spearhead") Expansion. Binding commitments in excess of the available 30,000 barrels per day (bpd) threshold were received. Committed shipper capacity will be allocated on a pro rata basis to an aggregate amount of 30,000 bpd.

Enbridge proposes to add a number of pumping units at existing and new locations between Flanagan, Illinois and Cushing, Oklahoma to increase the annual average capacity of Spearhead Pipeline from 125,000 bpd to 190,000 bpd, with a target completion date of early 2009. Of this 65,000 bpd increase, 30,000 bpd was made available through the open season process to committed expansion shippers. The other 35,000 bpd of additional capacity will be available to spot shippers unless and until existing committed shippers exercise their right to this capacity. The expanded capacity on the Spearhead Pipeline will provide committed shippers increased access to markets as Canadian crude production continues to grow from Alberta's oil sands projects.

"We are very encouraged by the results of this open season and the tremendous support to expand the Spearhead Pipeline only one year after Spearhead began delivering Canadian crude to the Cushing market," said J. Richard Bird, Executive Vice President, Liquids Pipelines for Enbridge.

"This clearly demonstrates the value this pipeline has created for industry. Spearhead, along with a number of other expansion projects Enbridge has underway or proposed, is part of our long-term strategy to offer Canadian and U.S. domestic shippers options to access a number of refinery markets in the Midwest as well as U.S. Gulf and eastern U.S."

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