Enbridge announced that it has entered into an agreement to construct facilities and provide transportation services for the Hangingstone Oil Sands Project in Canada. The initial term of the transportation agreement is 20 years. Oil sands extraction company, Japan Canada Oil Sands Limited (:JACOS) is the operator of the Hangingstone Oil Sands Project. However, the project is jointly owned by JACOS and Chinese offshore giant CNOOC Ltd.
Per the agreement, Enbridge will construct a 50-km pipeline with a capacity to transport 40,000 barrels per day (bpd) of diluted bitumen produced at the Hangingstone Project to the Enbridge terminal in Cheecham, Alberta. The project is expected to be operational in early 2016, with initial volumes of 18,000 bpd. However regulatory approval for the project is pending.
Monday, September 30, 2013
Who Says Japan And China Can't Cooperate -- This May Be A Bigger Story Than Folks Realize
There are a lot of story lines in this short press release: