ConocoPhillips, BP forge ahead with Alaska pipeline

ConocoPhillips has joined forces with BP to move forward on a plan to build a massive natural gas pipeline stretching from Alaska’s North Slope to Alberta in what would be the largest private sector construction project ever in North America, the companies said today.

The companies aim to spend $600 million to hold an open season, or solicitation for customers to make long-term commitments to use the pipeline, before the end of 2010.

After that, the companies would seek certification from the Federal Energy Regulatory Commission and Canada’s National Energy Board and then begin construction on the project, estimated to cost $20 billion to $40 billion.

Today’s announcement illustrates ConocoPhillips’ intent to move forward with a pipeline to transport the North Slope’s bounty of proven natural gas reserves to the Lower 48 states outside of a separate state process that solicited bids from pipeline builders last year.

Houston Chronicle