EOG Resources plans to acquire shares of Galveston LNG, which owns a stake in the proposed liquefied natural gas (LNG) export terminal at Bish Cove, in British Columbia, Canada.
The terminal is jointly owned by Apache Corporation, which holds a 51% stake, with the remaining held by Galveston LNG through its subsidiary Kitimat LNG.
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Kitimat LNG terminal is expected to have a capacity of about 700 million cubic feet of natural gas per day or five million metric tonnes of LNG per year, and will be built at a cost of about C$3bn ($2.9bn).
Following the acquisition of Galveston shares, EOG and Apache will construct, own and operate the LNG terminal where natural gas will be cooled and liquefied for export to growing global markets.
The Kitimat LNG terminal will link to the pipeline transmission system serving Western Canada’s natural gas-producing regions through the proposed Pacific Trail Pipelines.
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By GlobalData
