NGS Energy to Acquire Gas Storage Project From SNG
November 16, 2007
Natural gas storage developer NGS Energy has announced that it will acquire the New Home natural gas storage project from Southern Natural Gas Company, a wholly owned subsidiary of El Paso Corporation, increasing NGS’s access to the New Home dome for natural gas storage development.
The acquisition will advance NGS’s opportunity for gas storage operations in the New Home dome and provide developmental efficiencies, enhanced risk management and economies of scale.
As part of the sale of its New Home assets, Southern Natural Gas Company (SNG) will also sign a firm storage commitment to store natural gas in the second of Leaf River’s four underground salt caverns, beginning in 2010.