Repsol will buy Deep Panuke's production of up to 300 million cubic feet per day of natural gas output for the life of the project, adding to the Spanish firm's growing Canadian presence.
Repsol is already active in Canada, with a 75 percent stake in the Canaport LNG import and regasification terminal, which is nearing completion in Saint John, New Brunswick. That facility will export gas into the U.S. Northeast.
Lori MacLean, a spokeswoman for EnCana, Canada's biggest oil and gas producer, said financial terms of the agreement are being kept confidential but the agreement is effective immediately.
Author: Ksenia Kochneva
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Repsol to Take All Output from EnCana's Deep Panuke
Spain's Repsol has agreed to buy all the output from EnCana Corp's $700 million Deep Panuke natural gas project off Canada's Atlantic Coast, as the Spanish firm readies a push into the U.S. Northeast
