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, 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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