Mackenzie Valley pipeline 'a national embarrassment'

CALGARY — Calling the proposed Mackenzie Valley pipeline “a national embarrassment,” the president of MGM Energy Corp. said Tuesday his company will stop drilling in the Arctic until a decision to construct the long-stalled project is made.

The tiny company discovered or acquired so much natural gas it

Now, it can no longer justify spending money “on a hope and a prayer,” said president Henry Sykes.

“While I remain optimistic that there will eventually be a pipeline, I have given up predicting timing. Between the regulatory process and the fiscal negotiations, I think this has taken far too long.”

…The decision to defer drilling means MGM, the last remaining driller in the Mackenzie Delta, will wind down activity and look at options that will be announced by the end of June.

Financial Post