Denali (BP/ConocoPhillips) says to drop Alaska gas pipe plan

[Viva_La_Revolution]

Source: Reuters

BP Plc (BP.L) and ConocoPhillips (COP.N) are dropping efforts to build a gas pipeline across Alaska, saying there is not enough demand from gas customers.

The companies' joint venture, called Denali, is to wind up operations and withdraw an application with the U.S. Federal Energy Regulatory Commission to build the $35 billion pipeline, according to a statement.

"Denali is ending its efforts because of a lack of customer support," said Bud Fackrell, Denali President, in the statement. "Since Denali began its efforts in 2008, the North American gas market has changed significantly, primarily as a result of the development of shale gas resources. This has created a very difficult environment in which to secure financial commitments from potential customers."

Plans to build a pipeline across Alaska, carrying gas from the North Slope producing area to North American markets, have been discussed for decades but are still unsettled. An opposing pipeline plan has been proposed by TransCanada Corp (TRP.TO) and partner Exxon Mobil Corp (XOM.N).

Read more: http://uk.reuters.com/article/2011/05/17/alaska-pipeline-idUKN1724564220110517?feedType=RSS&feedName=rbssEnergyNews

[tanyev]

1. This the same pipeline that was Sarah's big accomplishment as Governor?

[JJW]

2. Ubetcha!

This is what Sarah Palin ended up giving $ 500 million to Transcanda and Exxon to study. Not marketable!

She handed the tax payers' money out, went to Exxon's corporate headquarters and then quit. Now she's a multimillionaire.

[ladywnch]

5. no, the transcanada corp/exxon outfit was the one she forced into place.

they are evidently still persuing this venture.

[JJW]

7. Yup

Even Exxon would need the others to make the Transcanada pipeline viable. All a charade because no one is going to pay $ 60 billion for pipeline plus additional transportation fees to transport gas to the east coast when you have plentiful supplies just waiting to be tapped in shale and within a 100 miles right offshore.

During the 2008 election Sarah Palin was acting as if all that remained doing was laying the last section of pipe. While buffoons lined up to listen to her lies of delusional self grandeur.

[plumbob]

3. B-b-b-b-b-b-b-b-b-b-ut I thought it was the danged ENVIROMENTALISTS

who were responsible for killin' domestic projects!!??

How could it be true that business just doesn't need this much capacity??!!


It's a plot, I tell ya!












A plot!

[katnapped]

6. Surely it's OBAMA's fault

Somehow...some way....has to be...

[jberryhill]

4. But Palin said God wanted it built