SAN DIEGO, Calif. - Natural gas pipeline operator Spectra Energy Corp. will spend $540 million to purchase Bobcat Gas Storage properties and a development project from GE Energy Financial Service and Haddington Energy Partners.
Spectra also said it will invest an additional $400 to $450 million to fully develop the facility by the end of 2015, adding that the facility will have a total gas storage capacity of 46 billion cubic feet (bcf).
"This project... is expected to earn returns on capital employed in the 10 to 12 percent range," Spectra CEO Greg Ebel said.
Once Bobcat is fully developed, Spectra's total North American storage capacity will be about 340 bcf, the company said.
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