Australia's LNG Ltd to Acquire Canadian LNG Project

Perth based Liquefied Natural Gas Limited (LNGL) on Monday announced it has agreed to acquire 100% of Canada based Bear Head LNG Corporation (BHLC) from a subsidiary of Anadarko Petroleum Corporation for $11.0 million.

The Bear Head LNG Project is located in Richmond County, Nova Scotia, Canada.

“This acquisition is in line with LNGL’s strategy of acquiring sites in North America where the Company can replicate its Magnolia LNG Project,” the company said.

The transaction close is expected on or before 31 August 2014.  

LNGL plans to transform Bear Head into a 4 mtpa LNG export facility with potential for future expansion.

The company has already developed a gas supply plan and a transportation plan, and has interest from several parties to enter into Tolling Agreements, adopting the same business model as the Magnolia LNG Project. 

Magnolia LNG LLC (Magnolia LNG), a US‐based wholly owned subsidiary of LNGL, which is developing an 8 million tonne per annum (mtpa) LNG export terminal, in the Port of Lake Charles, Louisiana, US 

Furthermore, LNGL is in discussions with gas transportation companies and owners of gas reserves regarding the supply of natural gas from onshore and offshore Canadian natural gas supply options, and the Marcellus Shale Gas Play in North‐Eastern USA, to the Bear Head LNG project site.