Producer Sponsors Not Moving Forward on Alaska LNG Project
Posted on Aug 26, 2016 in Financing, Liquefaction, LNG Exports, Markets and Competition, State and Local Issues | Comments Off on Producer Sponsors Not Moving Forward on Alaska LNG Project
Alaska Dispatch News reports that at a hearing before Alaska state legislators, ExxonMobil said it will not move forward with the front-end engineering and design, or FEED phase of development of the Alaska LNG Project, which was set to start in 2017 and was expected to cost up to $2 billion. ConocoPhillips and BP, the other two producer sponsors of the project, also indicated that they would not be moving forward with the FEED phase. The producer sponsors are in negotiations to turn over their combined 75% share in the project to the Alaska Gasline Development Corp., which currently holds Alaska’s 25% share.