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Anadarko to Sell Bear Head LNG Project

Anadarko Petroleum Corp. today announced that it will sell its Bear Head LNG project in Nova Scotia to U.S. Venture Energy for $125 million, but has retained an 18-month option to secure up to 350 MMcf/d of capacity at “competitive” rates. “With the sale
July 9, 2006

Anadarko Petroleum Corp. today announced that it will sell its Bear Head LNG project in Nova Scotia to U.S. Venture Energy for $125 million, but has retained an 18-month option to secure up to 350 MMcf/d of capacity at “competitive” rates. “With the sale, we are recovering our investment and a reasonable premium, while retaining the ability to supply LNG to the Canadian Maritimes and U.S. Northeast consuming regions,” Anadarko senior vice president Karl Kurz said. U.S. Venture Energy is a global private equity firm. Anadarko’s press release is here. More information is available on Canadian Newswire.

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