EOG Resources Inc. signed an agreement to acquire the shares of Galveston LNG Inc., which holds a 49% interest in a planned US$2.9 billion liquefied natural gas (LNG) export facility in Bish Cove, British Columbia, Canada.

The ownership stake in the LNG terminal is held by Galveston’s Kitimat LNG Inc subsidiary. The remaining 51% ownership is held by Apache Corp., which will also serve as the facility’s operator. The facility is to have a capacity of 700 million cubic feet per day.

The sale of Galveston LNG is conditioned upon the achievement of certain commercial and regulatory milestones.

“EOG is pleased to partner with Apache in the development of this new market opportunity for natural gas from our Canadian operations. By combining our experience and resources, we are confident we can move this project to completion,” said Mark G. Papa, chairman and chief executive officer. – Frank Nieto