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HOUSTON, November 30, 2022 /PRNewswire/ – Enbridge Inc. (Enbridge) (TSX: ENB ) (NISE: ENB ) and Oki Low Carbon Ventures (OLCV), a subsidiary of Occidental (NISE: OKSI ), today announced that the parties intend to work together to develop a carbon dioxide (CO2) sequestration hub ) in Corpus Christi the Texas Gulf Coast region. Enbridge and OLCV have signed a letter of intent to explore this joint project, which would provide a complete CO2 solution for area emitters through the development of a pipeline transportation system and sequestration facility.
Enbridge and OLCV would leverage each company’s strengths to advance the development of the sequestration hub and associated transportation infrastructure. Enbridge would develop, build and operate the pipeline facilities, and OLCV would develop, build and operate the sequestration facilities. The hub is expected to provide CO2 solutions for Enbridge’s proposed facilities as well as other point source emitters in Corpus Christi areas.
Enbridge and OLCV would jointly market CO2 pipeline transportation and sequestration services to other third-party CO2 point source emitters in Ingleside and Corpus Christi areas.
“We are excited to be partnering with OLCV to explore the development of a major CO2 transport and sequestration hub in Corpus Christi area,” he said Colin Gruending, Enbridge Executive Vice President and President, Liquids Pipelines. “This is a unique opportunity for two organizations to match complementary skill sets in a way that decarbonises our own facilities and provides a platform for our industrial neighbors who also want to reduce their emissions.”
“We look forward to working with Enbridge as we advance our plans to develop a sequestration hub that will provide a practical solution for decarbonizing industrial emitters,” he said Jeff Alvarez, President and CEO, Sequestration, Oki Low Carbon Ventures. “This collaboration will help accelerate the path to net zero not only for us, but also for other organizations exploring comprehensive solutions for CO2 capture, transport and permanent storage.”
Forward-Looking Information—Enbridge
Forward-looking information, or forward-looking statements, are included in this release to provide information about Enbridge Inc. (“Enbridge” or the “Company”) and its affiliates and subsidiaries, including management’s assessment of Enbridge and its affiliates. future plans and operations. This information may not be suitable for other purposes. Forward-looking statements are commonly identified by words such as “anticipate,” “expect,” “project,” “estimate,” “forecast,” “plan,” “intend,” “target,” “believe”, “likely” and similar words suggesting future outcomes or statements regarding prospects. Forward-looking information or statements in this release include statements regarding the proposed CO2 pipeline transportation system and sequestration facility in Corpus Christi, Texas area, including its features and benefits and the anticipated procurement and customer arrangements for the project.
Although Enbridge believes that these forward-looking statements are reasonable based on the information available on the date such statements are made and the processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned not to place forward-looking reliance. statements. By their nature, these statements involve various assumptions, known and unknown risks and uncertainties and other factors, which could cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply and demand for crude oil, natural gas, natural gas liquids, renewable energy and other products, as well as the prices of these products, are material to all forward-looking statements because they may affect current and future levels. demand for the Company’s services. Similarly, the energy transition, including drivers and its pace, exchange rates, inflation and interest rates affects the economies and business environment in which the Company operates and may affect the levels of demand for the Company’s services and the prices of inputs, and therefore are inherent in any forward-looking statements. relating to the future. Due to the interdependence and correlation of these macroeconomic factors, the impact of any assumption on the forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements about announced projects and projects under construction, including estimated dates in operation and realization of expected benefits, include the following: the impact of litigation and government, regulatory and stakeholder actions and construction approvals and work schedules ; availability and cost of labor and construction materials; the effects of inflation and exchange rates on labor and material costs; effects of interest rates on borrowing costs; technology issues; influence of weather conditions; and expectations about our partners’ ability to complete and finance proposed projects.
Enbridge’s forward-looking statements are subject to risks and uncertainties, including but not limited to those risks and uncertainties discussed in this press release and in the company’s other filings with Canadian and America securities regulators. The effect of any risk, uncertainty or factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Enbridge’s future course of action depends on management’s assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge undertakes no obligation to publicly update or revise any forward-looking statements made in this press release or otherwise, whether as a result of new information, future events or some other way. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on behalf of the Company are expressly qualified in their entirety by these cautionary statements.
Forward-Looking Information—Occidental
This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including those relating to Occidental’s strategy, its impact on the environment, the project’s expected benefits and related carbon emissions impact, and OLCV and its subsidiaries’ plans to build, acquire and operate sequestration hubs as part of Occidental’s net-zero strategy. These statements are based on Occidental’s current expectations, beliefs, plans, estimates and forecasts. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. Words and variations of words such as “anticipate,” “will,” “would,” “may,” “expect,” “plan,” “develop,” “investigate,” or similar expressions that convey the forward-looking nature of events or results generally indicative of forward-looking statements. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date of this release. Except as required by law, Occidental undertakes no obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.
These statements are not guarantees of future performance because they involve assumptions that may prove to be incorrect and risks and uncertainties, including those beyond Occidental’s control. Factors that could cause actual results to differ materially from forward-looking statements include the ability of Occidental and OLCV to access necessary technology, to develop and use existing or new technology on a commercial scale, to acquire necessary space, to access capital, to cooperate with partners, third parties and customers and to obtain approvals from regulatory bodies, as well as market conditions, geopolitical events and scientific developments. Additional factors that may affect OLCV’s ability to develop, construct and operate sequestration hubs can be found in Occidental’s public disclosures and its filings with the US Securities and Exchange Commission (SEC), which can be accessed at web- Occidental’s website at oki.com or the SEC’s website at sec.gov. The information included herein is not necessarily material to an investor in Occidental securities.
About Enbridge Inc.
At Enbridge, we safely connect millions of people to the energy they rely on every day, boosting quality of life through our North American natural gas, oil or renewable energy networks and our growing European offshore wind portfolio. We invest in modern energy delivery infrastructure to maintain access to safe, affordable energy and build on two decades of renewable energy experience to advance new technologies, including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We are committed to reducing the carbon footprint of the energy we supply and achieving net zero greenhouse gas emissions by 2050. Based in Calgary, AlbertaEnbridge’s common stock trades under the symbol ENB at Toronto (TSKS) and New York (NOT) stock markets. To learn more, visit us at enbridge.com.
About Oka Lov Carbon Ventures
OK and Lov Carbon Ventures, LLC (OLCV) is a subsidiary of Occidental (Oki), an international energy company with assets primarily in the United Statesthe Middle East and North Africa. OLCV is focused on advancing the latest low-carbon technologies and business solutions that improve OKI’s business while reducing emissions. OLCV also invests in the development of low-carbon fuels and products, as well as sequestration services to support carbon capture projects globally. Visit Carbon Innovation at oki.com for more information.
FOR ADDITIONAL INFORMATION CONTACT:
Enbridge
The media
Toll free: (888) 992-0997
E-mail: media@enbridge.com
Investment community
Toll Free: (800) 481-2804
E-mail: investor.relations@enbridge.com
Oki Lov Carbon Ventures
The media:
Eric Moses
713-497-2017
eric_moses@oki.com
investors:
Neil Backhouse
713-552-8811
investors@oki.com
See original content: https://www.prnevsvire.com/nevs-releases/enbridge-and-oki-lov-carbon-ventures-to-ekplore-the-development-of-a-co2-pipeline-transportation-and- sequestration-hub-near-corpus-christi-texas-301689835.html
SOURCE Enbridge Inc.
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