Spectra to purchase Bobcat assets

Gas infrastructure company Spectra Energy has entered into a definitive agreement to purchase the Bobcat Gas Storage assets and development project (Bobcat) from power group Haddington Energy Partners and energy investor GE Energy Financial Services for $540m (£353m).

The company expects to invest an additional $400m to $450m to fully develop the facility by the end of 2015.

Once fully operational, the high-deliverability salt-dome storage caverns in southeastern Louisiana will have a total working gas-storage capacity of 46 billion cubic feet.