MADRID-- Spanish gas distributor Enagas is set to buy Repsol’s 82% interest in the Gaviota underground gas storage facility offshore northern Spain.
The transaction, which has to be ratified by Spain’s Ministry of Industry, Tourism and Trade, is valued at Eu 86.9 million. It would leave Murphy Spain Oil Company as the only other participant in the facility, with an 18% stake.
Gaviota is offshore Bermeo in Vizcaya province. Its current operating volume is 0.9 bcm, but plans are in place to expand storage capacity to 1.6 bcm.