Story by Reuters •
Illustration shows Enbridge Inc logo© Thomson Reuters
(Reuters) - Canadian pipeline operator Enbridge Inc said on Monday it would acquire Aitken Creek natural gas storage facility in British Columbia (B.C.) from FortisBC Holdings Inc for C$400 million ($294.68 million).
Aitken Creek Storage is an underground reservoir located in the Montney area, one of Canada's most attractive oil regions.
The storage facility, which is connected to all three major long-haul natural gas transportation lines in Western Canada including Enbridge's Westcoast Pipeline and Alliance Pipeline, has a working storage capacity of 77 billion cubic feet, the company said.
The transaction is expected to close this year.
The Canadian province of B.C. is witnessing a flurry of LNG projects as the world tries to secure alternatives to Russian gas supply following Moscow's invasion of Ukraine.
($1 = 1.3574 Canadian dollars)
(Reporting by Sourasis Bose in Bengaluru; Editing by Vinay Dwivedi)
The Montney Formation is a stratigraphical unit of Lower Triassic age in the Western Canadian Sedimentary Basin in British Columbia and Alberta.
It takes the name from the hamlet of Montney and was first described in Texaco's Buick Creek No. 7 well by J.H. Armitage in 1962.[3] The well was drilled 41 kilometers (25 mi) north of Fort St. John, immediately east of the Alaska Highway.
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