BP, ConocoPhillips Halt $35 Billion Alaska Gas-Pipeline Project
BP, ConocoPhillips Halt $35 Billion Alaska Gas- Pipeline Project
BP Plc and ConocoPhillips will withdraw an application seeking federal approval to build a $35 billion pipeline to bring natural gas from Prudhoe Bay on Alaska's North Slope to Alberta. The proposed project would have been the largest private construction project in U.S. history. More than $165 million has already been spent on the Denali project and the decision to end it comes amid changing North American markets, including the rise of unconventional gas supplies, that have kept the price of natural gas at a level that sinks the 1,750-mile pipeline.
A competing pipeline proposal, backed by TransCanada Corp. and Exxon Mobil Corp., remains that would bring 4.5 billion cubic feet of gas a day from Alaska's North Slope.
