CALGARY, AB, July 2, 2024 /CNW/ – Wolf Midstream (Wolf) is pleased to announce a positive final investment decision to proceed with its NGL North Phase Two project, which will significantly increase the natural gas liquids (NGL) production capacity of Wolf’s existing NGL North System (NGL North), which was successfully commissioned in 2023.
Once completed, the expanded system will have the ability to recover NGL from approximately 1.5 billion cubic feet per day (Bcf/d) of natural gas and produce over 90,000 barrels per day (bpd) of NGL, including over 60,000 bpd of ethane. The vast majority of this production is committed under long-term agreements with Alberta’s growing petrochemical industry. NGL North Phase Two is an incremental investment in Alberta of approximately $1 billion, supported by Wolf’s shareholder, Canada Pension Plan Investment Board (CPP Investments).
“NGL North Phase Two includes Wolf Recovery Facility 2 which will recover higher carbon natural gas liquids prior to combustion at downstream oil sands production facilities,” said Kevin Jagger, President, Wolf NGL. “Additionally, the project includes a 125-kilometre pipeline lateral, a material expansion of the Wolf Feedstock Separation facility in Sturgeon County, a new unit train rail terminal and large-scale salt cavern storage.”
“This is a very exciting opportunity,” said Bob Lock, President and Chief Executive Officer of Wolf, “along with pre-investment for future phases, this expansion continues to build out NGL North’s ultimate potential of processing nearly 3 Bcf/d and recovering 170,000 bpd of NGL, creating a critical source of incremental, reliable feedstock supply for a new wave of downstream market development in Western Canada.”
“Since our initial investment in 2016, Wolf has made tremendous progress on its growth strategy in Alberta, delivering long-term value to the CPP Fund,” said Bill Rogers, Managing Director, Global Head of Sustainable Energies, CPP Investments. “The Phase Two expansion of the NGL North System further exemplifies management’s compelling vision for the company as well as the integrated value proposition Wolf offers to downstream customers.”
The NGL North Phase Two expansion is expected to be in-service in 2027.
About Wolf Midstream
Based in Alberta, Wolf is a private company, backed by Canada Pension Plan Investment Board (CPP Investments). Wolf was formed in 2016 to focus on the acquisition and development of innovative midstream energy infrastructure solutions in Western Canada. Wolf owns and operates the NGL North System – a proprietary, integrated natural gas liquids (NGL) recovery, transportation and separation infrastructure system located in Alberta that produces ethane, propane, butane and condensate.
SOURCE Wolf Infrastructure Management Inc.
View original content: http://www.newswire.ca/en/releases/archive/July2024/02/c8466.html