UPDATE 1-Enterprise Products could repurpose pipelines for carbon projects -executive

(Adds comments from panel)

By Liz Hampton

HOUSTON, Dec 8 (Reuters) - Pipeline operator Enterprise Products Partners could repurpose some of its vast U.S. network of energy pipelines for carbon capture and sequestration projects, co-Chief Executive Jim Teague said.

"We're not going to do it for the hell of it. There has to be a business there," Teague said during remarks at the World Petroleum Congress on Wednesday. The conference brings together energy officials and policy makers to discuss the future of the oil and gas industry.

Major oil companies including Exxon Mobil and Occidental Petroleum view carbon capture and sequestration as an emerging market opportunity and that could lower their carbon emissions.

Teague, speaking at a panel with Charif Souki, chairman of liquefied natural gas development firm Tellurian, said one issue with repurposing its oil and gas pipelines for such projects is lack of transparency in carbon pricing.

"I don't know what the price of carbon is," he said.

Souki said "everyone agrees carbon sequestration would be a good thing, but lamented the lengthy permitting processes for carbon injection wells, and said lack of clear regulatory guidelines are another hurdle.

"Just give me a body or regulation that makes it possible," he said.

Both men stressed the role of oil and gas in alleviating poverty and admonished policy decisions being floated by U.S. lawmakers, including reimposing a ban on exporting U.S. crude oil, which they said could hurt global energy markets.

"What I’m concerned about is dysfunctionality and people not understanding what our position in the world...I’m concerned about the is the lack of policy and the lack of intelligence going into making policy,” Souki said. (Reporting by Liz Hampton in Houston; Editing by David Gregorio)