Enterprise and Duncan Energy Partners Affiliate to Conduct Binding Open Season for New Natural Gas Storage Facility in Mt. Belvieu, Texas
Enterprise Products Partners L.P. (NYSE:EPD) and Duncan Energy Partners L.P. (NYSE:DEP), through their Mont Belvieu Caverns LLC affiliate, today announced the start of a binding open season to seek shipper support for a new natural gas storage facility in Mont Belvieu, Texas that would provide up to 10 billion cubic feet (Bcf) of firm natural gas storage capacity. The project would involve the conversion of one or more existing natural gas liquids (NGLs) storage caverns and construction of associated pipelines and pipeline interconnects. As currently designed, the facility would feature bi-directional connections with Enterprise Texas Pipeline, Enterprise Texas Intrastate (Channel), Kinder Morgan Texas Pipeline, and Texas Eastern Transmission. As a result, customers would have enhanced flexibility to manage their natural gas supplies in order to meet increased demand in southeast Texas and the northeastern United States.
The binding open season is being driven by strong support from shippers that have already expressed interest in capacity in excess of the 10 Bcf being offered. Subject to market interest and regulatory approvals, Mont Belvieu Caverns anticipates an in-service date of April 1, 2009.
The open season will begin at 9 a.m. CST on Friday, Feb. 16, 2007, and will conclude Thursday, April 12, 2007, at 5 p.m. CST. Customers interested in bidding on the available capacity may contact Russ Kovin, at either (713) 381-7925 or rkovin@eprod.com.
Enterprise Products Partners L.P. is one of the largest publicly traded energy partnerships with an enterprise value of approximately $18 billion, and is a North American provider of midstream energy services to producers and consumers of natural gas, NGLs and crude oil. Enterprise transports natural gas, NGLs and crude oil through more than 34,000 miles of onshore and offshore pipelines. Services include natural gas transportation, gathering, processing and storage; NGL fractionation (or separation), transportation, storage, and import and export terminaling; crude oil transportation and offshore production platform services. For more information, visit Enterprise on the web at www.epplp.com. Enterprise Products Partners L.P. is managed by its general partner, Enterprise Products GP LLC, which is wholly owned by Enterprise GP Holdings L.P. (NYSE:EPE), one of the nation’s largest publicly traded GP partnerships with an enterprise value of approximately $3 billion. For more information on Enterprise GP Holdings L.P., visit its website at www.enterprisegp.com.
Duncan Energy Partners L.P. is a publicly traded energy partnership that provides midstream energy services, including gathering, transportation, marketing and storage of natural gas, in addition to transportation and storage of NGLs and petrochemicals. DEP’s assets, which are located primarily in the Gulf Coast region of Texas and Louisiana, include interests in more than 1,000 miles of natural gas transmission pipelines with a transportation capacity of approximately 1 billion cubic feet per day; nearly 600 miles of NGL and petrochemical pipelines featuring access to the world’s largest fractionation complex at Mont Belvieu, Texas; and 33 underground salt dome caverns with about 100 million barrels of NGL storage capacity. DEP owns approximately 66 percent of the equity interest in these assets, with affiliates of Enterprise Products Partners L.P. owning the remaining 34 percent interest. For more information on Duncan Energy Partners L.P., visit the company’s website at www.deplp.com.