El Paso Corporation (NYSE: EP) today announced that its wholly owned
subsidiary, Tennessee Gas Pipeline Company, L.L.C. (TGP), has placed its
300 Line Project in service, marking the completion of one of the
largest natural gas infrastructure projects currently under way in the
Northeast United States.
The upgrade provides access to both new and existing natural gas
supplies and increases capacity on the TGP system by 350,000 dekatherms
per day (Dth/d). Cost of the project was about $0.7 billion. All of the
project capacity is contracted under a long-term firm transportation
agreement with EQT Energy, LLC.
"The 300 Line Project provides significant new capacity to safely and
reliably ship natural gas from prolific natural gas basins along TGP to
markets in the Northeast," said Norman G. Holmes, president of TGP and
Southern Natural Gas Company, L.L.C. "The TGP system is a key conduit
for Marcellus Shale gas and other diverse supplies into Northeast and
New England markets. TGP is investing about $1.3 billion in four new
Northeast projects that will increase capacity on the TGP system by an
additional 1.5 Bcf/d, primarily from the Marcellus Shale. The 300 Line
Project is the first of these, and plans call for the others to be
placed in service in 2012 and 2013, subject to receipt of regulatory
approvals."
The 300 Line Project included the installation of eight looping segments
in Pennsylvania and New Jersey, totaling approximately 127 miles of
30-inch diameter pipeline, and the addition of approximately 55,000
horsepower through the installation of two new compressor stations and
upgrades at seven existing compressor stations.
The project provides access to diversified natural gas supplies from
Gulf Coast, Appalachian, Rockies, and Marcellus Shale supply areas, and
gas deliveries to points along the 300 Line path and into various
interconnections with other pipelines in northern New Jersey, as well as
an existing delivery point in White Plains, New York.
El Paso Corporation provides natural gas and related energy products in
a safe, efficient, and dependable manner. The company owns North
America's largest interstate natural gas pipeline system, one of North
America's largest independent oil and natural gas producers and an
emerging midstream business. El Paso owns a 42 percent limited partner
interest, and the 2 percent general partner interest in El Paso Pipeline
Partners, L.P. For more information, visit www.elpaso.com.
Cautionary Statement Regarding Forward-Looking Statements
This release includes certain forward-looking statements and
projections. The company has made every reasonable effort to ensure that
the information and assumptions on which these statements and
projections are based are current, reasonable, and complete. However, a
variety of factors could cause actual results to differ materially from
the projections, anticipated results or other expectations expressed in
this release, including, without limitation; the uncertainties
associated with obtaining necessary governmental approvals, construction
risks and the risk of defaults by our customers; and other factors
described in the company's (and its affiliates') Securities and Exchange
Commission filings. While the company makes these statements and
projections in good faith, neither the company nor its management can
guarantee that anticipated future results will be achieved. Reference
must be made to those filings for additional important factors that may
affect actual results. The company assumes no obligation to publicly
update or revise any forward-looking statements made herein or any other
forward-looking statements made by the company, whether as a result of
new information, future events, or otherwise.
