Zinger Key Points
- Enbridge's Texas Eastern Transmission approved for a gas pipeline service extension in Louisiana.
- The Venice extension project, costing $500 million, will supply gas to Venture Global LNG's export plant.
- Get Pro-Level Earnings Insights Before the Market Moves
Enbridge Inc.‘s ENB Texas Eastern Transmission subsidiary reportedly received approval from the U.S. Federal Energy Regulatory Commission (FERC) to start a natural gas pipeline service related to its Venice extension project in Louisiana.
The U.S. Energy Information Administration (EIA) said that the Venice extension would have a capacity of around 1.3 billion cubic feet per day (bcfd) and cost about $500 million, reported Reuters.
The 3-mile (4.8-kilometer), 36-inch (91.4-centimer) Venice extension is meant for supplying gas to Venture Global LNG’s Plaquemines liquefied natural gas (LNG) export plant.
Also Read: Enbridge Doubles Down On Gray Oak Pipeline Expansion In Texas: Report
As per the report, the project is under construction and expected to enter service between 2024 and 2026.
Last month, Enbridge joined forces with WhiteWater/I Squared Capital and MPLX to enhance natural gas infrastructure linking the Permian Basin to LNG and USGC.
Price Action: ENB shares are up 0.14% at $35.69 premarket on the last check Friday.
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