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TransCanada Gets Alaska Governor Palin's Approval for Pipeline
Sep 28, 2008 | 6:14 AM
Category: Political
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TransCanada Gets Alaska Governor Palin's Approval for Pipeline

By Eduard Gismatullin

Aug. 29 (Bloomberg) -- TransCanada Corp., the nation's largest pipeline company, won approval from Alaska Governor Sarah Palin to build a $27 billion pipeline to carry natural gas from the Arctic to U.S. markets.

Palin on Aug. 27 signed a bill authorizing the state to award Calgary-based TransCanada a license to build the 1,715- mile (2,744-kilometer) link from Prudhoe Bay to the Alberta Hub in Canada, according to a statement. The license will be granted in 90 days.

``Our company has started field work on the project in order to meet our target date for completing the initial open season within two years,'' TransCanada Vice President Tony Palmer said in the statement.

Alaskan authorities plan to develop gas deposits on Alaska's North Slope that were discovered decades ago and left untouched by the inability to get the fuel to users. Palin solicited pipeline proposals last year and chose TransCanada's proposal after rival plans by BP Plc and ConocoPhillips didn't meet the state's requirements.

Tapping the North Slope fields, which Alaska estimates to hold 35 trillion cubic feet of gas, would help make up for lower state revenue arising from declining oil production. Alaskan crude output has dropped by more than half since 1998.

Alaska owns the gas; BP, ConocoPhillips and Exxon Mobil Corp. hold most of the leases to develop it. The two partners have invited Exxon to join their pipeline venture known as Denali to compete with TransCanada.

State Subsidy

Under its license agreement with the state, TransCanada will get a $500 million subsidy in return for seeking federal regulatory approval for the project and finding customers for the pipeline. The license doesn't guarantee construction of the project.

The link will ship 4.5 billion cubic feet of gas a day through Canada to U.S. markets. TransCanada expects to hold an auction for capacity to help determine the size of the line in July 2010, the company said Aug. 1. The project could be operating by September 2018.

London-based BP is Europe's second-largest oil company behind Royal Dutch Shell Plc. ConocoPhillips, based in Houston, is the third-largest U.S. oil company, ranking behind Exxon and Chevron Corp.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

6 Comments |  Add a Comment

Member Comments Total Comments: 6
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mommiegrandma read my blog view my photos
Sep 28, 2008 | 1:21 PM

Hey Superbrowns, what puzzles me about this project is there is no guarntee the pipeline will be built, and no gurantee that BP, Exxon and Conoco will cooperate, since they own the lease to develop the oil. In another news article it stated that Exxon filed in (i think it was) August a $800 million dollar law suit against Alaska over the lease agreement. (I posted an article about this a couple of weeks ago)

Also this company TransCanada has been lobbying Congress for federal regulatory approval for the project and finding customers for the pipeline. Ted Stevens was one of those lobbied, and he is under investigation for accepting gifts from oil companies, and Palin has returned some gifts she has received and money from Ted Stevens.

I could be wrong, but it seems there is something not right about this? It is a good project if it works. How would it save us money in gasoline, if Alaskans are paying $7-$9 a gallon for gas and they have all of their own gas?
mommiegrandma read my blog view my photos
Sep 28, 2008 | 1:41 PM

Superbrowns this pipeline could end up being just like the "ROAD TO NOWHERE" in Alaska, being built and never used.

Is this something that Palin is bragging about like she can see Russia from Alaska and this gives her foreign relations experience, and that Putin flies over Alaska in their air space. I wonder??
superbrowns read my blog view my photos
Sep 28, 2008 | 4:05 PM

The land is leased and I'm sure the lease will be up soon, it doesn't matter what you post for me as we all know the huffington post and cnn are against Palin.
What have the compaines holding these leases done for us so far NOTHING.
mommiegrandma read my blog view my photos
Sep 28, 2008 | 8:32 PM

Superbrowns, I'm disappointed in your response. First of all the articles did not come from the Huffington post, I get most of my articles from the Alaska news papers, I go direct to the source. 2nd I thought this was a good subject for a friendly discussion. I think it will be important to all of us some day in the very near future, and from my point of view I thought it was good information and knowledge to have. I thought it was good to have the entire picture of what is going on with this project, pro's and con's.

It's OK, I'm not mad at ya!!
superbrowns read my blog view my photos
Sep 29, 2008 | 3:33 AM

I was a little ticked yesterday, my son came over and was telling me the students that go to Kent state were saying nasty things about Palin, then I watched Obsession( radical Islam's war against the west) so I was kinda fueled I'm also amgry about this 700 billion dollar loan to these lenders that lobby congress.
This Country is going to h E L L in a handbag and we have nothing to say about it.
I'm telling you even if Obama wants Change he isn't going to get it unless everyone in the Government is willing to change or he overthroughs it.
I feel sorry for the next generations if we can't change the way things are done in Washington.
I have always told my kids not to work in factories because they are not going to be in America much longer this is going to be corporate America and servicing
mommiegrandma read my blog view my photos
Oct 1, 2008 | 9:54 PM

superbrowns, I understand your feelings because this election has been an emotional roller coaster for everyone, including myself.

I have to honestly say, that I do believe with all my heart that Obama, if elected will make this country a better place for everyone. he has said that once elected he will take another look at the $700 billion bail out package and if it needs to be changed and new legislation written, he will see that it happens. I firmly believe that Obama's heart is in the right place, and he will do right by the country. I trust him.

He is also the only candidate talking about education and the need for our children to be able to compete in a global world, the need for our kids to learn and become proficient in math and science, and to get affordable QUALITY
higher education.
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superbrowns

I'm a Browns fan born and raised on the westside of Cleveland moved to Deerfield about 16 years ago. I used to work as an usher at the old stadium watching the Browns games and getting paid for it what a great job.PROUD REPUBLICAN, AND I WILL NOT STAND FOR ANYONE BASHING ANY AMERICAN PRESIDENT.

Member Since: 10/11/2006


 

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