Companies join for Alaskan resource development

ConocoPhillips, BP, TransCanada and ExxonMobil have announced that they are working together on the next level of Alaskan resource development through their participation in the Alaska Pipeline Project. The companies will work on a plan that will be aimed at commercializing North Slope natural gas resources within a framework of the Alaska Gasline Inducement Act (AGIA). Due to the rapidly evolving global market, large-scale exports of liquefied natural gas (LNG) from south-central Alaska will be considered as an alternative to a natural gas pipeline routed through Alberta.
In a joint letter to Alaskan Governor Sean Parnell, ExxonMobil, BP and ConocoPhillips CEOs wrote: “Commercializing Alaska natural gas resources will not be easy. There are many challenges and issues that must be resolved, and we cannot do it alone. Unprecedented commitments of capital for gas development will require competitive and stable fiscal terms with the State of Alaska first established.”

The producing companies support meaningful Alaska tax reform which includes the legislation that Governor Parnell introduced which will establish an economic foundation for further commercialization and encourage the increase in investment into North Slope resources.

Following the resolution of legals issues, the producers are advancing with the initial development phase of the Point Thomson project, a strategic investment to position Alaska gas commercialization. The North Slope holds over 35 trillion cubic feet of discovered natural gas.
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