Alaska Gasline Development Corp. (AGDC) said it signed an agreement with BP PLC and Exxon Mobil Corp. to help advance the state-owned company's proposed $43.4 billion Alaska liquefied natural gas (LNG) project.
"Our respective organizations share an interest in the successful commercialization of Alaska's stranded North Slope natural gas," AGDC Interim President Joe Dubler said in a statement late on March 8.
BP and Exxon Mobil produce massive amounts of oil in Alaska and have discovered huge gas resources that are stranded in the North Slope.
The Alaska LNG project is designed to liquefy 3.5 billion cubic feet per day of gas for sale to customers in the Asia-Pacific region from a facility to be built in Nikiski on the Kenai Peninsula south of Anchorage. It includes an 807-mile (1,300-km) pipeline from the North Slope.
U.S. energy regulators recently delayed the date they expect to decide on the LNG project to June 2020 from February 2020.
Officials at AGDC have said the company is reviewing the timeline to get the project built.
At the same time, AGDC said it is continuing negotiations with several parties interested in the project, including a joint development agreement with Chinese oiland gas company Sinopec, China's sovereign wealth fund China Investment Corp.'s CIC Capital Corp and the state-owned Bank of China.
Recommended Reading
Todd Holdco to Invest Further into Northcliff Resources
2024-01-24 - Todd Holdco will acquire 37,333,333 common shares in Northcliff at CA$0.01875 (US$ 0.014) per common share.
Chesapeake Slashing Drilling Activity, Output Amid Low NatGas Prices
2024-02-20 - With natural gas markets still oversupplied and commodity prices low, gas producer Chesapeake Energy plans to start cutting rigs and frac crews in March.
Nebula Energy Buys Majority Stake in AG&P LNG
2024-01-31 - AG&P will now operate as an independent subsidiary of Nebula Energy with key offices in UAE, Singapore, India, Vietnam and Indonesia.
NOV's AI, Edge Offerings Find Traction—Despite Crowded Field
2024-02-02 - NOV’s CEO Clay Williams is bullish on the company’s digital future, highlighting value-driven adoption of tech by customers.
Flame Acquisition Holders Approve Merger with Sable Offshore
2024-02-14 - The business combination among Flame Acquisition Corp., Sable Offshore Holdings and Sable Offshore Corp. will be renamed Sable Offshore Corp.