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February 14, 2008 --- Vol. 14, No. 18February 2008

ConocoPhillips reassessing, moving forward

Although the administration of Gov. Sarah Palin isn’t interested in its proposal for an Alaska pipeline.html'>gas pipeline project, ConocoPhillips intends to move ahead with plans for field work starting this summer.

The company announced today that “it is reassessing how best to advance the Alaska North Slope gas pipeline project as a result of the lack of engagement by the State of Alaska on the company’s proposal submitted Nov. 30, 2007.”

Nov. 30 was the deadline for applications under Palin’s Alaska Gasline Inducement Act, or AGIA. ConocoPhillips did not apply under AGIA, but submitted an alternative proposal to the state.

Palin rejected the ConocoPhillips proposal Jan. 9, although the administration met with the company earlier in February.

The company said its proposal addressed many of the objectives the state identified in AGIA.

“ConocoPhillips remains dedicated to developing Alaska’s North Slope gas resources as we re-evaluate the best path forward for advancing this pipeline project,” said Jim Mulva, ConocoPhillips chairman and chief executive officer.

“Despite the lack of progress with the State of Alaska, as an initial step ConocoPhillips will continue its planning and contracting efforts in preparation for a route reconnaissance and environmental studies starting in June 2008,” said Jim Bowles, president of ConocoPhillips Alaska. “It is important that we take advantage of this summer field season and keep this project moving ahead.”

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