Enbridge Inc. on Thursday acquired another 13.3% stake in the Cabin Gas Plant development east of Fort Nelson, BC, which would give it a 71% stake in the project intended to serve growing natural gas output from the Horn River Basin.
In October Enbridge paid Encana Corp., the project’s operator, C$220 million to acquire a 57.7% majority stake in the Cabin project (see Daily GPI, Oct. 10). Details of the latest acquisition weren’t disclosed but Enbridge said the transaction was “on the same terms” as the one with Encana.
“We look forward to working with producers in this region as they develop the potential of the Horn River Basin and other shale gas opportunities” said Enbridge’s Al Monaco, president of the gas pipelines unit. Once the two phases of Cabin are completed, Enbridge said its total investment would be about C$1 billion.
The plant, which has been sanctioned by producers and received regulatory approval, is under construction and expected to be in-service in late 2012. Phase 1 is to have 400 MMcf/d of processing capacity. Phase 2, expected to be ready for service in the second half of 2014, would add an additional 400 MMcf/d of capacity.
Closing of the transaction is subject to normal conditions.
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