Enagás acquires 18% of Gaviota from Murphy Oil

27 July 2010

This transaction gives the company 100% ownership of the underground storage facility

Enagás has signed an agreement today to acquire the Murphy Spain Oil Company’s 18% stake in the Gaviota natural gas storage facility for €19.2Mn. The deal includes the current infrastructure and the extension project.

With this acquisition, and following the purchase of 82% of the facility from Repsol last April, Enagás now owns 100% of this strategy infrastructure asset. The company also owns the Spanish Gas System's other big underground storage facility located in Serrablo (Huesca), and is working on the construction of a third, the Yela underground storage facility in Guadalajara.

The Gaviota off shore facility located off the coast of Bermeo (Vizcaya) has an operating volume of 1 bcm and gas reserve storage capacity of 1.7 bcm.  Total storage capacity stands at 2.7 bcm and an extension project is underway to increase this to 3.3 bcm.

For Enagás - named the sole transporter for the primary gas transport trunk network under Royal Decree-Law 6/2009 of 30 April, the investment in this plant is in line with its interest in acquiring stakes in natural gas network assets that meet the company’s profitability targets. This purchase will not raise projected debt levels.

The transaction is subject to the pertinent administrative and competition authorisations.


Link copied