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Published: 4/9/2012??11:53 AM
Last Modified: 4/9/2012??11:53 AM
Tulsa-based natural gas transporter ONEOK Partners LP announced Monday that it plans to enter the crude oil business by building a 1,300-mile pipeline from the popular Bakken Shale formation to the Cushing hub in central Oklahoma.
The Bakken Crude Express Pipeline project, which is scheduled for completion by 2015, will cost between $1.5 billion and $1.8 billion. The line will deliver light, sweet crude from the Willison Basin wells to Cushing, one of the nation?s largest oil storage hub. ?As producers continue to aggressively develop crude oil from wells in the Bakken Shale, more crude-oil pipeline takeaway capacity will be required,? Terry K. Spencer, ONEOK Partners president, said in a statement. The Crude Express pipeline will parallel more than 80 percent of ONEOK Partners? existing and planned natural gas liquids systems. The Tulsa company moves natural gas and NGL products throughout the mid-continent region of the U.S.
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