Enbridge Expands Gulf of Mexico Operations for BP's Kaskida Hub [Yahoo! Finance]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance
ENB has announced plans to invest $700 million in the construction of crude oil and natural gas pipelines for the recently sanctioned Kaskida oil development in the U.S. Gulf of Mexico. This strategic move comes as part of ENB's ongoing efforts to strengthen its presence in the region, catering to rising global energy demands. The Kaskida oil hub, operated by BP plc BP, marks the British oil major's sixth production hub in the Gulf of Mexico. Slated for a 2029 production start, Kaskida will feature a floating production platform with an initial capacity to produce 80,000 barrels per day from six wells. BP aims to increase its Gulf of Mexico production, targeting 400,000 barrels of oil and gas per day by 2030, up from its 2023 average of 300,000 barrels per day. Enbridge's crude oil pipeline, to be named the Canyon Oil Pipeline System, will have a capacity of 200,000 barrels per day, whereas its natural gas counterpart, the Canyon Gathering System, is designed to handle 125 million
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