US Regulators Gives Green Light for Enbridge's Louisiana Venice Pipeline: Report

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.

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 ReadEnbridge 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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