EOG announces Galveston share acquisition

Natural gas company EOG Resources has announced that its Canadian subsidiary, EOG Resources Canada, has agreed to acquire the shares of Galveston, a Calgary-based gas company that, through its subsidiary Kitimat LNG, owns 49 per cent of the planned liquefied natural gas (LNG) export terminal to be located at Bish Cove, near the Port of Kitimat, about 405 miles north of Vancouver, British Columbia.

On 13 January 2010, oil and gas exploration company Apache announced an agreement with Kitimat LNG to acquire 51 per cent of the planned Kitimat LNG project, of which Apache will be the operator.

Under the terms of the agreement, EOG’s offer to purchase the shares of Galveston is conditioned upon the achievement of certain commercial and regulatory milestones.