Consortium Agrees on Alaska Natural Gas Pipeline Route (XOM, COP, BP, TRP)

24/7 Wall St.

Four major oil and gas companies have reached an agreement on the route of an 800-mile natural gas pipeline to transport gas from Alaska’s North Slope to a port on the state’s southern coast. Exxon Mobil Corp. (NYSE: XOM), ConocoPhillips (NYSE: COP), BP plc (NYSE: BP), and pipeline company TransCanada Corp. (NYSE: TRP) will combine what were two competing routes aimed at shipping natural gas primarily to Asian markets.

In March the four companies agreed to begin transporting oil from Point Thomson by 2016 in exchange for lease renewals from the state of Alaska. Some of the leases date back to 1977, but no gas has ever been produced for export. The Point Thomson fields are located east of Prudhoe Bay and are expected to produce about 70,000 barrels a day of condensates for shipment to the coast. The town of Valdez…

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