IHS Chemical Week


BP, ConocoPhillips, ExxonMobil CEOs Meet to Develop Alaskan LNG Project

11:23 AM MST | January 11, 2012 | By LINDSEY BEWLEY

CEOs of three major oil companies recently met with Alaskan Governor Sean Parnell to discuss development of the state’s natural gas reserves in the North Slope. Bob Dudley of BP, Jim Mulva of ConocoPhillips and Rex Tillerson of ExxonMobil have been tasked with developing a liquefied natural gas (LNG) project that focuses on exporting Alaskan North Slope gas to Asia's growing markets, according to the Office of the Governor.
LNG is principally used for transporting natural gas to markets, where it is regasified and distributed as pipeline natural gas. The U.S. is normally a natural gas importer, but as more natural gas is recovered from shale plays, producers may be looking to export, rather than import, excess gas. Without shale gas production, reliance on high levels of LNG imports would influence U.S. natural gas prices, causing them to increase by at least 100%, says IHS Global Insight.
For a gas project to advance, all three companies need to be aligned behind it, Parnell says. "We had a productive discussion about how to get alignment between the companies and grow Alaska's economy through oil and gas development," says Governor Parnell. BP, ConocoPhillips, ExxonMobil are the major lease holders for gas reserves on the North Slope. 

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