Cabot Oil & Gas Corporation Provides Update on Atlantic Sunrise Project, Announces Gas Sale and Purchase Agreement


Oil and Gas - Dec 30, 2016

Cabot Oil & Gas Corporation, today announced that the Federal Energy Regulatory Commission ("FERC") issued its final Environmental Impact Statement ("EIS") for Williams Partners' (NYSE: WPZ) Atlantic Sunrise project. The issuance of the final EIS is a key step toward the FERC's final decision on the project, which is expected in early 2017. Following the receipt of all necessary regulatory approvals, Williams Partners anticipates beginning construction in mid-2017, allowing for a full in-service of the project in mid-2018.

In addition to previously announced gas sale and purchase agreements related to Cabot's 850,000 MMBtu per day of transportation capacity on the Atlantic Sunrise project, Cabot also reported the execution of a new definitive gas sale and purchase agreement with an undisclosed company. Under the terms of this new agreement, the Company has agreed to sell an additional 150,000 MMBtu per day of natural gas for a term of three years commencing on the full in-service of the Atlantic Sunrise project.


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"Today's final EIS issuance represents a major milestone toward the final approval of the Atlantic Sunrise project," commented Dan O. Dinges, Chairman, President and Chief Executive Officer. "We are also excited to increase our committed sales on the Atlantic Sunrise project utilizing capacity subscribed to by Cabot or by third parties to approximately 1 billion cubic feet (Bcf) per day through the addition of this new sales agreement that is linked to the Gulf Coast market."

Source : Cabot Oil & Gas Corporation

Published on Global Energy World: Dec 30, 2016

 
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