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Anadarko Deal to Sell Bear Head LNG Falls Through

Anadarko Petroleum Corp. is considering other "strategic options" for its Bear Head liquefied natural gas (LNG) import terminal planned for Cape Breton Island near Point Tupper, NS, after a deadline to sell the proposed terminal expired on Thursday. Anadarko had agreed to sell the subsidiary to private equity firm U.S. Venture Energy for $125 million (see Daily GPI, July 11).

In a Securities and Exchange Commission 8-K filing, Anadarko said it would "convey any information" related to the proposed terminal "at the appropriate time." The company did not return calls from NGI on the announcement by presstime. Anadarko obtained Bear Head in 2004 with the purchase of Access Northeast Energy Inc., a private Canadian company whose sole project was the terminal (see Daily GPI, Aug. 13, 2004).

Earlier this month Maritimes & Northeast Pipeline terminated an agreement with Anadarko to transport Bear Head's regasified LNG through Maritimes' proposed pipeline expansion (see Daily GPI, Sept. 18). Maritimes had retained a right to terminate the contract if Anadarko failed to demonstrate that it had arranged for adequate LNG supply to support the terminal.

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