March 10, 2019 / 10:31 PM / 4 months ago

BP, Exxon to help advance Alaska LNG export project -Alaska Gasline

FILE PHOTO: Signage for a BP petrol station in London, July 29, 2014. REUTERS/Luke MacGregor/File Photo

(Reuters) - 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 Friday.

** 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 oil and gas company Sinopec, China’s sovereign wealth fund China Investment Corp’s CIC Capital Corp and the state-owned Bank of China.

Reporting by Scott DiSavino; Editing by Marguerita Choy

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