Enbridge to Develop Pipeline System for Kearl Oil Sands Project
Enbridge has entered into an agreement with Imperial Oil Resources Ventures Limited and ExxonMobil Canada Properties to provide for the transportation of blended bitumen from the Kearl project in the Athabasca Oil Sands region of northern Alberta to the Edmonton, Alberta area.
"Enbridge is pleased to have been selected by Imperial and ExxonMobil," said Patrick D. Daniel, President and Chief Executive Officer, Enbridge Inc. "The location of the project is an excellent fit with Enbridge's new and existing pipeline and terminaling facilities and is expected to contribute continued earnings growth in 2012 and beyond."
Mr. Daniel noted that the estimated cost of the pipelines and related facilities is subject to finalization of scope and detailed engineering, and regulatory approvals.
"Through the recent sale of our interest in Ocensa and higher than expected cash flows from operations over the next four years, Enbridge has significant financing capacity for new investments and we believe we can easily accommodate the equity funding requirement for the project from internally generated cash flow," said Mr. Daniel.