Buckeye Partners to acquire Canadian LNG project
US midstream company Buckeye Partners said May 5 it had entered into a definitive agreement to acquire Bear Head Energy, formerly the Bear Head LNG project, in Nova Scotia.
Bear Head LNG was originally owned by Australia’s LNG Limited (LNGL), which entered administration in 2020 and subsequently sold its other North American LNG asset, the Magnolia LNG project in Louisiana, to the Glenfarne Group. Buckeye would not discuss details of its planned purchase, including whether it was acquired in administration from LNGL.
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Fully-permitted as an 8mn mt/yr LNG export facility, Bear Head is located on 251 acres of land on Nova Scotia’s Strait of Canso. In 2020, Nova Scotia authorities extended its construction permit until December 20222, but Buckeye has not said whether that permit has been extended again.
Bear Head Energy is now dubbed a “clean energy development” but Buckeye would not say whether it still includes a natural gas liquefaction and export component.
“Nova Scotia’s unique geographical characteristics give the region the potential to become one of the most productive renewable and green energy development areas in the world, and via this acquisition, it is our intention to develop a large-scale energy production, distribution and export hub that will offer our customers lower-carbon energy solutions, including LNG or other green fuels,” Buckeye CEO Todd Russo said.