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A Crisis Is Brewing For Offshore Oil

A Crisis Is Brewing For Offshore Oil

Times are hard for both…

Giant Natural Gas Pipeline in Alaska Could Cost $65 Billion

Back in January the Governor of Alaska, Sean Parnell, set a deadline for the three energy giants who are developing a project to build a massive pipeline to transport natural gas from the North Slope of Alaska, after he admitted to being fed up by the seemingly endless delays plaguing the project.

Officials from the three companies, ExxonMobil, BP, and Conoco Philips, recently wrote a letter to Governor Parnell to report that good progress has been made on the project, but that “significant environmental, regulatory, engineering and commercial work still remains to reach upcoming decisions to bring North Slope gas to market.”

In the letter they have estimated that the pipeline would be a mega project of “unprecedented scale and challenge.” It could cost between $45 and $65 billion, require the use of nearly 1.7 million tonnes of steel, and create employment for 15,000 people during the height of its construction. The destination of the pipe has not yet been decided, but it is being planned as an 800 mile line that cuts from the North Slope gas fields down into central Alaska.

RELATED: Oil Markets Limp into Fourth Quarter

On Wednesday Parnell said that he was encouraged by the letter and what he’s seen of the project, and that as promised, in exchange for meeting his benchmarks, he will look at offering special gas taxes next year.

By. Joao Peixe of Oilprice.com



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