Statoil

EnCana closed its $2 billion sale of Gulf of Mexico assets to Statoil, netting $1.45 billion after taxes and other adjustments, the company said Thursday, noting that its total investment in the assets was only $540 million. EnCana said its previously-announced divestiture of its Ecuador assets and select conventional producing properties in Western Canada should go through later this year.

A consortium of producers led by Statoil ASA signed an agreement last week with a subsidiary of Houston-based El Paso Corp. to sell 1.8 million tons of liquefied natural gas (LNG) annually for 17-to-20 years — an agreement that will supply El Paso with LNG for storage at Williams’ Cove Point LNG terminal in Lusby, MD, as well as “other North American and European destinations” where it will be regasified and sold as natural gas. El Paso has leased capacity from Williams at Cove Point to deliver about 250 MMcf/d into the East Coast pipeline infrastructure.

A consortium of producers led by Statoil ASA has signed an agreement with a subsidiary of Houston-based El Paso Corp. to sell 1.8 million tons of liquefied natural gas (LNG) annually for 17-to-20 years — an agreement that will supply El Paso with LNG for storage at Williams’ Cove Point LNG terminal in Lusby, MD, as well as “other North American and European destinations” where it will be regasified and sold as natural gas. El Paso has leased capacity from Williams at Cove Point to deliver about 250 MMcf/d into the East Coast pipeline infrastructure.