ExxonMobil XOM and Enbridge Inc Canada's No. 2 pipeline company, said they will work together to develop a new oil pipeline to carry about 400,000 barrels of crude a day from the Midwest to refineries on the U.S. Gulf Coast. The pipeline would transport U.S. and Canadian crude oil from Patoka, Illinois, to Beaumont, Texas, and onward to refineries around Houston. The reason for this pipeline is to carry burgeoning output from Canada's oil sands to new markets. The oil sands contain an estimate 174 billion barrels of recoverable reserves. Production from the oil sands is expected to reach close to 3 million barrels a day by 2015, about triple current production.
ExxonMobil XOM and Enbridge Inc Canada's No. 2 pipeline company, said they will work together to develop a new oil pipeline to carry about 400,000 barrels of crude a day from the Midwest to refineries on the U.S. Gulf Coast. The pipeline would transport U.S. and Canadian crude oil from Patoka, Illinois, to Beaumont, Texas, and onward to refineries around Houston. The reason for this pipeline is to carry burgeoning output from Canada's oil sands to new markets. The oil sands contain an estimate 174 billion barrels of recoverable reserves. Production from the oil sands is expected to reach close to 3 million barrels a day by 2015, about triple current production.
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