El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
19-Mar-1997
El Paso Energy and National Fuel Plan FERC Filing for Green Canyon ProjectHOUSTON, TEXAS, AND BUFFALO, NEW YORK, March 19, 1997-El Paso Energy
Resources, a business unit of El Paso Energy Corporation (NYSE:EPG), and National Fuel Gas
Supply Corporation, a subsidiary of National Fuel Gas Company (NYSE:NFG), have announced
their plans to file an application with the Federal Energy Regulatory Commission (FERC) to
construct approximately 150 miles of pipeline from producing regions in the Gulf of
Mexico. The pipeline system will be known as the Green Canyon Gathering System and is a
50-50 partnership project. This announcement is in response to the March 12, 1997 ruling
(CP96-557-000) in which the FERC declared that the Green Canyon Gathering System would be
considered an offshore transmission system subject to its jurisdiction.
El Paso and National Fuel plan to submit their application during the second quarter of
1997. Upon receipt of FERC's approval, construction of the pipeline will begin in 1998
with services commencing later that year. This timeframe will satisfy the delivery
schedules of offshore producers who are developing new reserves in the Green Canyon, Ship
Shoal, Grand Isle, Mississippi Canyon and South Timbalier areas of the Gulf of Mexico. An
open season for transportation capacity on the Green Canyon system will be conducted after
the application has been filed with the FERC.
El Paso Energy Corporation provides total energy solutions through four business units
including El Paso Energy Resources, El Paso Natural Gas Company, El Paso Energy
International Company, and Tennessee Gas Pipeline Company. With offices worldwide, the
company has operations in interstate natural gas transmission, gas gathering and
processing, energy marketing, and international energy infrastructure development.
National Fuel Gas Company is the parent of National Fuel Gas Supply Corporation and was
founded in 1902. National Fuel is an integrated energy company with interstate natural gas
pipeline and storage, gas utility, gas and oil exploration and production, and energy
marketing operations.
This release includes forward-looking statements and projections, made in
reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. The companies have 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. While the companies make these statements and projections in good faith,
neither the companies nor their managements can guarantee that the anticipated future
results will be achieved. Reference should be made to the companies' (and their
affiliates') Securities and Exchange Commission filings for additional important
factors that may affect actual results. |
El Paso Corp.
