$4-6 billion more in expansion activity expected beyond 2015
VANCOUVER, May 14, 2012 /CNW/ - Spectra Energy Corp (NYSE:SE) is pleased to announce that the company is progressing on its 2009-2013 $1.5 billion expansion program in British Columbia (B.C.). The company is also poised to invest an additional $4-6 billion in B.C. beyond 2015, thereby extending its commitment to job growth and economic development activity, among other benefits, for communities across the province.
The company's $1.5 billion expansion program was designed to safely, reliably and responsibly develop the necessary natural gas infrastructure to meet B.C.'s domestic natural gas needs, as well as those of other energy markets in North America. The recent expansion includes construction of two new natural gas processing facilities in northeast B.C., including associated natural gas gathering pipelines, and further expansion of the company's natural gas transmission system in B.C. These projects create more than 1,350 construction jobs and result in $120 million in contracts with northeast B.C. First Nations and local contractors in the province. In addition, as a result of Spectra Energy's extensive infrastructure and ongoing investments in B.C., the company's annual property taxes now total $64 million, supporting much needed services within the province. That makes Spectra Energy the single largest contributor to property taxes in the province.
"I'm pleased that we're aligned with the Province of B.C.'s natural gas and LNG strategies and am confident that our shared interests in job growth and economic development activity will continue for many years," said Doug Bloom, president, Spectra Energy's Western Canadian Operations. "We've been investing in communities across B.C. since 1957 and believe we are an integral part of the province's energy sector. With over 850 employees living and working in the province and a natural gas system that delivers benefits for all B.C. residents, we remain committed to ongoing, responsible growth of B.C.'s natural gas sector."
Further infrastructure development will be required to unlock additional growth in the Montney, Horn River and other developing natural gas resource areas. Opportunities include additional natural gas gathering and processing services; extraction of natural gas liquids in the Montney region; and new pipeline transmission capacity to deliver incremental unconventional natural gas supplies to current - and emerging - North American markets. This next wave of expansion is also anticipated to include pipeline infrastructure in order to serve LNG export facilities on the B.C. coast.
"As the industry continues to develop natural gas supplies in B.C. to meet our domestic energy needs, we're also looking farther afield to Asia where they are looking for increased supplies of natural gas from diverse and stable suppliers," says Bloom.
"As we look ahead to large-scale pipeline projects that will connect natural gas from B.C. to Asian markets, Spectra Energy is committed to in-depth consultations with community members across the province," says Bloom. "We fully intend to incorporate local input into project design and ensure maximum benefits for communities across the province as we continue to grow our business."
Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America's premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution. For more than a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company's operations in the United States and Canada include more than 19,000 miles of transmission pipeline, over 305 billion cubic feet of storage, as well as natural gas gathering and processing, natural gas liquids and local distribution operations. The company also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Spectra Energy is a member of the Dow Jones Sustainability World and North America Indexes and the U.S. S&P 500 Carbon Disclosure Project's Carbon Disclosure Leadership Index. For more information, visit www.spectraenergy.com
For further information:
(713) 627-4747 (24-hour media line)