ONEOK pipeline canceled
ONEOK’s $1.8 billion pipeline project has been axed because the company was unable to procure sufficient commitments for long-term use of the pipeline. The pipeline was planned to stretch 1,300 miles from North Dakota to Oklahoma and the company was hoping to break ground next year. ONEOK also announced that it will still continue with its projects on natural gas and
natural gas liquids projects in the Bakken area. See the Bismarck Tribune story here. An article in MarketWatch states that ONEOK CEO John Gibson considers the project “postponed” right now, as it’s up to producers to determine where they want their oil to go. See the MarketWatch article here.