Cabot Oil & Gas Corporation signed a definitive gas sale and purchase agreement with Pacific Summit Energy, a wholly owned subsidiary of Sumitomo Corporation, under which Cabot has agreed to sell 350,000 MMBtu per day of natural gas from its Marcellus Shale position for a term of 20 years commencing on the in-service date of the Dominion Cove Point LNG liquefaction project currently scheduled for 2017.
“We are extremely excited to be partnering with Sumitomo to provide a long-term source of natural gas to the Cove Point LNG facility and ultimately to the people of Japan,” said Dan O. Dinges, Chairman, President and Chief Executive Officer . “This long-term firm sales agreement is another milestone for Cabot’s marketing efforts and ensures the continuing development of our Marcellus Shale position in Northeast Pennsylvania for years to come.”
[mappress] LNG World News Staff, December 19, 2013; Image: Dominion