Enbridge's (ENB) top boss said Friday that the Mainline Optimization Phase 1 is entering the final stages of customer approvals and is on track to make a final investment decision this quarter.

The project will add about 150,000 barrels per day of capacity and is expected to come into service in 2027, said Gregory Lorne Ebel, Enbridge's president and chief executive officer at the company's Q3 earnings call.

Enbridge's Mainline Optimization Phase 2 also has made "significant" progress, the CEO said, adding that an open season announcement could come early in the new year.

The phase two project will utilize capacity on the Dakota Access Pipeline and could add another 250,000 barrels per day of additional capacity in 2028, Ebel said.

Shares of the company were up over 1% in recent Friday trading.

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