Alberta Saline Aquifer Project (ASAP)

April 08, 2009 10:00 ET

Alberta Saline Aquifer Project: Joint Energy Industry Carbon Dioxide Storage Project Achieves Key Milestone

CALGARY, ALBERTA--(Marketwire - April 8, 2009) - Members of the Enbridge-led, 38-member Alberta Saline Aquifer Project (ASAP) have completed Phase I of the three-phase project, and are ready to move on to Phase II: constructing a pilot project and actually injecting carbon dioxide into a saline aquifer.

"I am excited about the impact that ASAP will have on our industry," said Chuck Szmurlo, Enbridge Vice President, Alternative & Emerging Technology, and Chair of the ASAP consortium. "The most pressing environmental issue facing us today is the impact of greenhouse gas emissions on climate change. Carbon dioxide storage could be one of our most significant solutions."

On January 24, 2008, the Alberta Government announced that it plans to cut projected greenhouse gas emissions in half by 2050 as part of a long-term climate change plan that focuses on carbon capture and storage, consumer incentives and greener energy productions. However, before Albertans can rely on the new technology, it must be tested and monitored for safety and effectiveness.

"ASAP's member companies possess some of the most extensive carbon storage expertise in the world," said Mr. Szmurlo. "Working together, we will thoroughly assess the technology before it is widely adopted."

Phase I focused primarily on identifying deep saline aquifer locations in Alberta that would be suitable for a carbon dioxide storage pilot project. This phase also involved designing frameworks for determining underground pore volume ownership, and for the regulatory requirements that will eventually govern carbon storage.

Phase I consisted of working with industry participants, government agencies, academic organizations and consultants, and resulted in the preparation of a final report, which includes detailed information on the project's critical components ranging from site selection to risk assessment to stakeholder engagement.

The costs associated with Phase I were covered by ASAP participants and through a grant from the Alberta Energy Research Institute. The Federal Government will also contribute funding for Phase II under its $230 million ecoENERGY Technology initiative. In addition, ASAP has submitted proposals for funding under the Alberta Government's $2 billion Climate Change Action Plan.

Pending the receipt of funding and regulatory approvals, ASAP members are now prepared to move on to the Phase II pilot project.

A backgrounder providing details on ASAP is available at www.albertaasap.com.

About ASAP

ASAP is an industry initiative being led by Enbridge Inc. to identify deep saline aquifers in Alberta that could be used in a carbon sequestration pilot project. A true collaborative effort, 38 organizations have been participating in Phase I of the project. For more information about ASAP, please visit www.albertaasap.com.

Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although ASAP and the makers of these statements believe that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties including those pertaining to technology, regulatory parameters, economic conditions and commodity prices. While ASAP and others quoted in this news release make these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. ASAP assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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