UPDATE 1-ONEOK Partners to invest up to $240 mln in NGL projects

Wed Dec 15, 2010 5:15pm EST

* To build projects by H2 2012 * Projects in Cana-Woodford Shale and Granite Wash plays

Dec 15 (Reuters) - Natural gas processor ONEOK Partners L.P. (OKS.N) said it plans to spend up to $240 million to build natural gas liquids (NGL) projects by the first half of 2012 in the Cana-Woodford Shale and Granite Wash plays.

The company has made at least two such NGL project investments earlier this year. In July, ONEOK said it plans to spend up to $730 million to build natural gas liquids projects by 2013. [ID:nSGE66P0MR]

When the projects are completed, about 75,000 to 80,000 barrels per day of raw, unfractionated NGLs will be added to the company's existing NGL gathering systems in the Mid-Continent and the Arbuckle Pipeline.

Natural-gas liquids like ethane, propane and condensates are stripped out of natural gas by fractionation plants.

Shares of the company closed at $80.07 Wednesday on the New York Stock Exchange. They have risen about 13 percent since the company's last NGL project investment announcement in July. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Vinu Pilakkott)

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