Pembina Pipeline received a "no-action letter" from the Canadian Competition Bureau, meaning that the federal government will not challenge the company’s acquisition of Enbridge’s interest in a joint venture with the Alliance Pipeline and Aux Sable NGL fractionation facilities.
The "no-action letter" satisfies the last regulatory condition necessary to complete the deal, which is expected to be finalized on April 1, Pembina said in a March 19 press release.
In December, Pembina announced that it was acquiring fellow Canadian midstream company Enbridge’s interest in a pipeline and NGL assets for CA$3.1 billion (US$2.2 billion).
The 2,391-mile Alliance natural gas pipeline runs from Northeastern British Columbia and crosses into the U.S. in the Saskatchewan province, terminating at Channahon, Illinois, at the Aux Sable facility.
Aux Sable is one of the largest NGL extraction and fractionation facilities in North America. Aux Sable Cos. are currently owned by Enbridge, Pembina and Williams in the U.S.
Recommended Reading
Petrobras Not in a Race with Guyana to Boost Production, CEO Says
2024-05-14 - While Brazil and Guyana aren’t necessarily competing to see which country can produce more oil, Petrobras’ CEO Jean Paul Prates jokingly said Brazil was winning, while adding that Bolivia’s falling production was an opportunity for Argentina.
E&P Highlights: May 13, 2024
2024-05-13 - Here’s a roundup of the latest E&P headlines, with a couple fields coming online, as well as new contract awards.
New Permian Math: Vital Energy and 42 Horseshoe Wells
2024-05-10 - Vital Energy anticipates making 42 double-long, horseshoe-shaped wells where straight lines would have made 84 wells. The estimated savings: $140 million.
SM Energy Targets Prolific Dean in New Northern Midland Play
2024-05-09 - KeyBanc Capital Markets reports SM Energy’s wells “measure up well to anything being drilled in the Midland Basin by anybody today.”
Vår Selling Norne Assets to DNO
2024-05-08 - In exchange for Vår’s producing assets in the Norwegian Sea, DNO is paying $51 million and transferring to Vår its 22.6% interest in the Ringhorne East unit in the North Sea.