01/12/2015 04:29 EST | Updated 03/14/2015 05:59 EDT

Enbridge to build pipeline in Gulf of Mexico to connect Hess project

CALGARY - Enbridge Inc. (TSX:ENB) said Monday it has signed a deal to build, own and operate a new crude oil pipeline in the Gulf of Mexico.

The 25-kilometre pipeline will connect Hess Corp.'s Stampede development to an existing third-party pipeline system.

It is expected to cost $130 million and be operational in 2018.

Enbridge said it has interests in 11 natural gas gathering and transmission pipelines and one crude oil pipeline off the coasts of Louisiana and Mississippi.