By OGJ editors
HOUSTON, July 10 -- Private equity firm US Venture Energy is buying Anadarko Petroleum Corp.'s wholly owned subsidiary Bear Head LNG Corp. for $125 million. Bear Head is developing a receiving terminal at Point Tupper, NS.
Anadarko is slated to receive an 18-month option to secure as much as 350 MMcfd of throughput gas capacity at competitive rates.
Anadarko Senior Vice-Pres. Karl Kurz said the company is recovering its investment and a reasonable premium while retaining the ability to supply LNG to the Canadian Maritimes and US Northeast regions.
The sale includes all assets, rights, and obligations associated with the Bear Head project, excluding long-term pipeline transportation agreements, and is expected to close within a few weeks.