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Pembina Pipeline Corporation Announces Duvernay Infrastructure Development and Service Agreement
Pembina Pipeline Corporation Announces Duvernay Infrastructure Development and Service Agr...
About this update from Pembina Pipeline Corporation
[{"type":"text","content":"\n\n\n\nPembina Pipeline Corporation Announces Duvernay Infrastructure Development and Service Agreement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Feb. 16, 2017\n\n\n\nCALGARY, Feb. 16, 2017 /CNW/ - Pembina Pipeline Corporation (\"Pembina\" or the \"Company\") (TSX: PPL; NYSE: PBA) announced today that it has entered into a 20-year infrastructure development and service agreement (the \"Agreement\") with Chevron Canada Limited (\"Chevron\").\n\nThe Agreement includes an area of dedication by Chevron, in excess of 10 gross operated townships (over 230,000 acres), concentrated in the prolific, liquids-rich Kaybob region of the Duvernay resource play near Fox Creek, Alberta. Under the Agreement and subject to Chevron sanctioning development in the region, Chevron has the right to require Pembina to construct, own and operate gas gathering pipelines and processing facilities, liquids stabilization facilities and other supporting infrastructure for the area of dedication, together with Pembina providing long-term service for Chevron on its pipelines and fractionation facilities. Subject to Chevron and regulatory approvals, the infrastructure developed over the term of this Agreement has the potential to represent a multi-billion dollar investment by Pembina.\n\n\"This Agreement represents an ideal long-term growth opportunity for Pembina, as it substantially strengthens our competitive positioning in a world-class resource play with long-life hydrocarbon resources, and provides for the opportunity to deploy a significant amount of capital under a low-risk, long-term commercial framework that aligns with our guard rails,\" said Stuart Taylor, Pembina's Senior Vice President, NGL & Natural Gas Facilities. \"Being selected as the provider of choice for this service demonstrates the advantages associated with our safety record, relationships with the communities and, integrated service offering.\"\n\nPembina is ideally suited to develop infrastructure under the Agreement, as gas processing facilities will leverage Pembina's existing 100 milli...