ENBRIDGE ADVANCING CONSTRUCTION OF NATURAL GAS PIPELINE TO VENTURE GLOBAL'S PLAQUEMINES LNG FACILITY
Enbridge Inc. (NYSE: ENB) announced advancements on two projects to transport natural gas to Venture Global's Plaquemines LNG facility. The Venice Extension and Gator Express Meter Projects aim to deliver 1.5 billion cubic feet per day and are expected to be operational in 2024 and 2023, respectively. The total cost of these projects is estimated at US$400 million, supported by long-term contracts. Enbridge cites its strategic positioning in the North American LNG market as essential for energy security and climate goals.
- Advancement of Venice Extension and Gator Express Meter Projects to deliver 1.5 billion cubic feet per day of gas.
- Estimated project cost of US$400 million backed by long-term contracts.
- Expected operational dates set for 2023 and 2024, enhancing capacity for LNG exports.
- None.
Enbridge to provide transportation capacity via two Texas Eastern Transmission, LP projects to Venture Global's recently sanctioned Plaquemines LNG facility
HOUSTON, TX, May 26, 2022 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) is pleased to announce the advancement of its Venice Extension Project and Gator Express Meter Project to deliver 1.5 billion cubic feet per day of natural gas to Venture Global's Plaquemines LNG facility located in Plaquemines Parish, LA.
The Projects generally will involve 36-inch diameter pipe, metering, and compressor station additions and improvements. The Gator Express Meter Project is expected to be in service in 2023 and Venice Extension Project is expected to be in service in 2024, with an estimated cost for both projects of US
"Enbridge is excited to continue working with Venture Global on their second LNG project to bring clean, reliable natural gas to the U.S. Gulf Coast for export to global markets," said Cynthia Hansen, Enbridge Executive Vice President and President, Gas Transmission & Midstream. "Our Texas Eastern system is ideally positioned to supply growing North American LNG exports, which are essential to meeting society's energy security and climate change goals."
Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. ("Enbridge" or the "Company") and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements in this news release include statements with respect to the Venice Expansion Project and the Gator Express Meter Project, including the characteristics, components and benefits thereof, expected in service dates, and anticipated costs.
Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply of and demand for crude oil, natural gas, natural gas liquids, renewable energy and other commodities, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, energy transition, including the drivers and pace thereof, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements on announced projects and projects under construction, including estimated in-service dates and the realization of anticipated benefits, include the following: the impact of litigation and government, regulatory and stakeholder actions and approvals on construction and in-service schedules; the availability and price of labor and construction materials; the effects of inflation and foreign exchange rates on labor and material costs; the effects of interest rates on borrowing costs; technology-related matters; the impact of weather; and expectations about our partners' ability to complete and finance proposed projects.
Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 30 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.9 million retail customers in Ontario and Quebec; and Renewable Power Generation, which owns approximately 1,766 MW (net) in renewable power generation capacity in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
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FAQ
What are the Venice Extension and Gator Express Meter Projects?
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