By Market Wire, March 04, 2013, 08:00:00 AM EDT
HOUSTON, TEXAS and CALGARY, ALBERTA -- (MARKET WIRE) -- 03/04/13 -- Enbridge Energy Partners, L.P. (NYSE:EEP) ("Enbridge Partners" or "the Partnership") and Enbridge Income Fund ("the Fund") announced today that the Bakken Pipeline Expansion Project ("the Project"), part of Enbridge's Bakken Expansion Program, is now complete and in service. The Project, undertaken by the Partnership in the United States and the Fund in Canada, reversed and expanded an existing pipeline, running from Berthold, North Dakota, to Steelman, Saskatchewan, and constructed a new 16-inch pipeline from a new terminal near Steelman to the Enbridge Pipelines Inc. mainline terminal near Cromer, Manitoba.
The Project provides 145,000 barrels per day (bpd) of capacity for growing production from the Bakken and Three Forks formations located in Montana, North Dakota, Manitoba and Saskatchewan, of which 25,000 bpd was placed in service during the first quarter of 2012. Once on the Enbridge mainline, Bakken production will have access to the multiple markets accessible from the mainline and connected pipeline systems. Firm commitments totaling 100,000 bpd have been received from anchor shippers.
"We are pleased to bring this project into service on schedule and under budget," said Mark Maki, President of the Partnership. "By leveraging our extensive existing operations in the area, we were able to effectively respond to the needs of our customers and provide economical and attractive transportation takeaway options."
Production from the Bakken formation in the Williston Basin has grown from 200,000 bpd to over 700,000 bpd in the last five years with potential to expand to 1,200,000 bpd or more in the next six years.
"This is the third expansion project we have undertaken in the last five years to meet the needs of Saskatchewan producers and enable growing production from the Bakken region to access key U.S. markets," said John Whelen, President, Enbridge Income Fund Holdings Inc. "This latest expansion, which is predominately underwritten by take or pay contracts, represents another attractive and stable source of distributable cash flow for the Fund."
About Enbridge Energy Partners, L.P.
Enbridge Energy Partners, L.P. (www.enbridgepartners.com) owns and operates a diversified portfolio of crude oil and natural gas transportation systems in the United States. Its principal crude oil system is the largest transporter of growing oil production from western Canada. The system's deliveries to refining centers and connected carriers in the United States account for approximately 15 percent of total U.S. oil imports; while deliveries to Ontario, Canada satisfy approximately 70 percent of refinery demand in that region. The Partnership's natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast area, deliver approximately 2.5 billion cubic feet of natural gas daily. Enbridge Partners is recognized by Forbes as one of the 100 Most Trustworthy Companies in America.
About Enbridge Income Fund
Enbridge Income Fund (the Fund) is an unincorporated, open-ended trust created to provide a stable and sustainable flow of distributable cash to unitholders. The Fund, with an enterprise value of over $5 billion, owns assets that include crude oil gathering pipelines in Saskatchewan and Manitoba and crude oil storage terminals and caverns near Hardisty, Alberta, as well as interests in renewable and alternative power generation assets in Alberta, Saskatchewan and Ontario with a combined capacity of 524 megawatts (MW). The Fund also holds a 50% interest in the Canadian segment of the Alliance Pipeline that transports high-energy natural gas from northeastern British Columbia and northwestern Alberta to delivery points near Chicago, Illinois. Public investment in the Fund is available through Enbridge Income Fund Holdings Inc. (the Company). The Company is a publicly traded corporation that has a 40.8% economic interest in the Fund. The Company trades on the Toronto Stock Exchange under the symbol "ENF". Further information about Enbridge Income Fund and Enbridge Income Fund Holdings Inc. is available at www.enbridgeincomefund.com.
Enbridge Energy Partners, L.P.
(713) 821-2253 or Toll Free (877)496-8142
firstname.lastname@example.orgEnbridge Energy Partners, L.P.
Toll Free: (866) EEP INFO or (866) 337-4636
email@example.comEnbridge Income FundJennifer Varey
firstname.lastname@example.orgEnbridge Income FundTeri Majer
Source: Enbridge Energy Partners, L.P. and Enbridge Income Fund