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A Shot in the Arm ARCO Alaska puts together sponsor group for North Slope gas project Kay Cashman PNA Editor-in-Chief/Land & Leasing Reporter
ARCO Alaska Inc. said Aug. 11 that it had put together a sponsor group of five companies to advance the prospects of exporting Alaska North Slope gas.
The group includes ARCO Alaska, with 37 percent of the project; Foothills Pipe Lines Ltd., owned by TransCanada Pipelines and West Coast Energy Inc., with 22 percent; Marubeni Corp., a major Japanese trading house, with 17 percent; and, Phillips Petroleum Co. and CSX Corp. through its subsidiary Yukon Pacific Corp., each have 12 percent shares. The first breakthrough ARCO Alaska President Kevin Meyers said that a team will work out of ARCO’s Anchorage office, with an initial budget of $20 million to look at commercial and engineering issues over 21 months, and the potential to spend $100 million over a four-year period with the goal of making the project economic.
“We’re extremely excited,” David M. Lawrence, ARCO Alaska’s gas commercialization and marketing manager, told PNA Aug. 13. “There’s been a lot of talk recently about breakthroughs that are going to be needed to get this project ... off the ground. ... In fact, we, with the sponsor group, have actually made the first of those breakthroughs ... by putting the sponsor group together.” ...
The rest of this story is available from Petroleum News • Alaska by calling the circulation manager Dan Wilcox at 522-9469 for back issue copies. (Aug. 1998)
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