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Gold/Mining/Energy : Alaska Natural Gas Pipeline

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From: Snowshoe12/22/2016 12:41:02 AM
   of 570
 
The endless saga continues ...

New milestone in the gas line project: The state is taking over the effort
adn.com

The state gas line corporation on Wednesday reached a milestone in its effort to take over the Alaska LNG project, authorizing two agreements with Exxon Mobil, BP and ConocoPhillips, including one giving the state the rights to about $600 million worth of accumulated project data.

The second agreement allows the state to notify the lead permitting agency, the Federal Energy Regulatory Commission, that the three oil companies will withdraw from the gas pipeline application they have before the agency, leaving the state-owned Alaska Gasline Development Corp. as the lone applicant.

Neither agreement can be disclosed because of the state's confidentiality agreements with the oil companies. The Legislature has given the project a broad exemption to state public records law.

Two other transition agreements must still be completed, with plans calling for signing those early next year, said Keith Meyer, AGDC president. Those agreements would give the state the project's federal export license and control of land near Nikiski to build a plant to liquefy North Slope gas, key assets currently owned by the oil companies

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The oil companies grew wary of spending more money on the $55 billion project following the release of a report in August by energy consulting firm Wood MacKenzie. The study viewed the project in its current form as uncompetitive, due to its high costs and a glut of LNG projects competing around the world.

But the study also said a state-led project could achieve advantages that lower costs and improve its outlook, including possible federal tax exemptions. The oil companies have said they will provide gas to a state project at commercially reasonable terms.



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