Enbridge is reportedly looking at as much as a $38 billion investment to grow its presence in the Gulf Coast through oil and gas pipelines.
Producers here in the oil sands have been particularly eager to get their crude to that market as refineries there are set up to handle the heavy crude they produce.
Guy Jarvis, who heads Enbridge’s liquids pipelines division, told the Canadian Press the strategic shift to the Gulf could include investments in terminals, import and export docks and regional pipelines.
He told an investor open house that the increased focus on the Gulf would make sense whether or not the U.S. government lifts its ban on crude exports.
The company says it doesn’t yet know how much the plan will cost or how big it will be, and it may not be limited to crude oil as there may be opportunities for natural gas liquids and petrochemical investments.
Still, the investment would signal confidence in the oil and gas industry despite low prices and a tough economic climate.
