Altagas

Canadian energy merchants have set out to repeat an all-but-forgotten past success as an escape from glutted natural gas markets across North America.

Deteriorating markets inflicted the second industrial casualty this month on British Columbia when an international consortium halted work on a highly regarded liquefied natural gas (LNG) project on the northern Pacific Coast.

Tidewater Midstream and Infrastructure Ltd. plans to acquire eight natural gas processing facilities and related infrastructure in Alberta’s Deep Basin from two subsidiaries of AltaGas Ltd. in a cash-and-stock deal valued at C$90.3 million ($65.4 million).

Another two Canadian terminal proposals picked up liquefied natural gas (LNG) export licenses Friday, raising the number of approvals granted by the National Energy Board (NEB) to 25.

Calgary-based AltaGas Ltd.’s U.S. unit has agreed to buy three natural gas-fired power plants in central California’s San Joaquin Valley — with a combined capacity of 523 MW — for $642 million.

Another 2.88 Tcf has been added to Canadian hopes for overseas sales of liquefied natural gas (LNG) over the next quarter-century, swelling the industry total to 158.08 Tcf.