23:26:28 EDT Sun 28 Apr 2024
Enter Symbol
or Name
USA
CA



Enbridge Inc
Symbol ENB
Shares Issued 2,125,586,366
Close 2024-03-07 C$ 48.05
Market Cap C$ 102,134,424,886
Recent Sedar Documents

FP says Enbridge gearing up for increased demand

2024-03-08 08:44 ET - In the News

The Financial Post reports in its Friday edition that as the Canadian oil sands industry experiences signs of recovery and operators gear up to boost production, Enbridge anticipates an increased demand for oil pipeline capacity by 2026. The Post's Chris Varcoe writes that chances are slim there will be any significant new export pipeline project in Western Canada's foreseeable future. Enbridge plans to expand its Mainline oil pipeline network to increase its capacity by 200,000 barrels per day (bpd) starting in 2026. This is due to the expected increase in production in the Western Canadian Sedimentary basin, which will result in petroleum producers ramping up output by 500,000 bpd by the end of 2025. Enbridge is working on incremental expansions and tweaks to existing lines to boost transportation capacity for oil coming out of Canada. Enbridge's Mainline system, which moved about 3.2 million bpd during the fourth quarter, is already full. Enbridge liquids pipelines president Colin Gruending says: "Supply growth has surprised. We are seeing green shoots in the oil sands portfolio." Enbridge boss Greg Ebel says, "As soon as people think there's too much pipeline capacity, there's more production being produced."

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