• 14 hours Shell Oil Trading Head Steps Down After 29 Years
  • 18 hours Higher Oil Prices Reduce North American Oil Bankruptcies
  • 20 hours Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 21 hours $1.6 Billion Canadian-US Hydropower Project Approved
  • 23 hours Venezuela Officially In Default
  • 1 day Iran Prepares To Export LNG To Boost Trade Relations
  • 1 day Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 1 day Saudi Oil Minister: Markets Will Not Rebalance By March
  • 2 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 2 days Rosneft Announces Completion Of World’s Longest Well
  • 2 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 2 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 2 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 2 days Santos Admits It Rejected $7.2B Takeover Bid
  • 2 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 3 days Africa’s Richest Woman Fired From Sonangol
  • 3 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 3 days Russian Hackers Target British Energy Industry
  • 3 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 3 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 3 days Lower Oil Prices Benefit European Refiners
  • 3 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 4 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 4 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 4 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 4 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 4 days OPEC To Recruit New Members To Fight Market Imbalance
  • 4 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 4 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 5 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 5 days GE Considers Selling Baker Hughes Assets
  • 5 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 5 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 5 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 5 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 5 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 8 days The Oil Rig Drilling 10 Miles Under The Sea
  • 8 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 8 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 8 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
The War That Would Transform Oil Markets

The War That Would Transform Oil Markets

Tensions between Saudi Arabia and…

Cobalt Prices To Rocket As Tech Giants Scramble For Supplies

Cobalt Prices To Rocket As Tech Giants Scramble For Supplies

As the electric vehicle revolution…

Asia to Receive Alaskan Gas with New Pipeline from Stranded North Slope Fields

Asia to Receive Alaskan Gas with New Pipeline from Stranded North Slope Fields

Alaskan gas has finally found a market after an agreement has been signed by several major oil and gas companies and the state to build an 800 mile pipeline from the gas fields on the North Slope to a planned LNG export plant in the West that would ship the product out to Asia.

Asian demand for LNG has soared in recent years after the Fukushima nuclear meltdown forced Japan to close down its entire nuclear sector and other countries to become more wary. Both Japan and South Korea are spending billions on LNG from North America and energy companies have laid out plans to build 30 new LNG export terminals across the continent.

The project, which will take around ten years to complete, will cost an estimated $45 billion to $65 billion, and will be one of the largest projects of its kind in the world, finally providing a route to get the regions gas to market after decades of being stranded.

Sean Parnell, the Governor of the State of Alaska released a statement on Wednesday to announce that the deal had been signed by Trans Canada Corp and the three major companies working the Alaskan North Slope, Exxon Mobil Corp, BP Plc, and ConocoPhillips.

Related article: Market Disruptor: Nuclear Restarts Spells Trouble for LNG

“This commercial agreement...is Alaska's roadmap to developing our vast gas reserves. This is truly a historic achievement.”

The proposed project will supply both the domestic demand for natural gas, as well as exporting LNG to Asia. The agreement was signed by the commissioners of Natural Resources and Revenue, and Alaska Gasline Development Corp (AGDC) to ensure that the state’s interests are being protected and well served by the project.

Reuters reports that the agreement signed lays out the fiscal terms, as well as promising third party access to all parts of the project; it even includes plans to develop an LNG train in the future.

Parnell claims that the AGDC will still continue with its own plans to develop the Alaska Stand Alone Pipeline project.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News