The MOU focuses on leveraging the strengths of the parties to advance the goal of economic commercialization of the vast North Slope natural gas resources.
The MOU anticipates activities that include raising market awareness of the Alaska North Slope gas resource and the Alaska LNG project. Active sales and negotiation activities with global buyers could begin once the JV has been successfully formed.
"The AGDC board welcomes the commercial progress made by AGDC under the leadership of President Meyer as evidenced by this agreement," said Dave Cruz, Chairman of AGDC.
"We are pleased to be working with ConocoPhillips, the leader in Alaskan LNG, in this important phase of Alaska's major infrastructure project," said Keith Meyer, President of AGDC.
Once established, it is anticipated that the JV would focus initially on gathering LNG market information in support of the JV's pursuit of gas and LNG sales agreements as the project moves forward.
The JV would also seek to establish terms for a sufficient and reliable supply of gas to the project, resolving longstanding project gas supply assurance issues. The MOU anticipates that other producers or third parties could join the JV, make gas available via wellhead sales, or commit to tolling arrangements with the Alaska LNG Project.
About Alaska Gasline Development Corporation
The Alaska Gasline Development Corporation (AGDC) is an independent, public corporation of the State of Alaska. Advancing the development and construction of a North Slope natural gas pipeline and LNG export project is its top priority. AGDC is charged with securing a long-term energy supply for Alaskans. Visit www.agdc.us for up to date information.
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Josie Wilson, Communications Manager
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SOURCE Alaska Gasline Development Corporation