ConocoPhillips (NYSE:COP), British Petroleum (NYSE:BP), TransCanada (NYSE:TRP) and Exxon-Mobil (NYSE:XOM) have agreed to move forward on a massive pipeline project in Alaska. The companies will take two previously competing projects and combine them into one, $45 to $65 billion endeavor to ship liquefied natural gas to Asia.
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The project calls for about 800 miles of pipeline to be built, running from the North Slope to south-central Alaska. The pipe would be able move 3 to 3.5 billion cubic feet of natural gas per day and permanently employ about 1,000 people. There is no commitment to build yet and if the project went forward, it could take five to six years to complete.
Meanwhile, state-run Qatar Petroleum International and Exxon-Mobil joint venture Qatar’s Golden Pass Products has received permission from the United States Energy Department to export liquefied natural gas from the United States to the Persian Gulf. The $10 billion project would fund liquefaction plants in Texas. Expansion plans will take about five years to complete. The permit will only allow the company to export to countries with a free-trade pact with the U.S.