The state-owned Alaska Gasline Development Corp. (AGDC), and ConocoPhillips Alaska Inc. have executed a memorandum of understanding (MOU) to form a joint venture company (JV) to market liquefied natural gas (LNG) from the Alaska LNG project.
AGDC said the joint venture would also focus on buying North Slope gas and pursue support of other major North Slope producers in the formation. The JV's ultimate goal is to bring global LNG buyers and North Slope wellhead sellers together.
According to Alaska Dispatch News, the JV will also try to bring ExxonMobil and BP into the joint venture, according to a statement from the Alaska Gasline Development Corp., the state corporation that represents Alaska in the $55 billion Alaska LNG project.
The need to focus on marketing and lining up buyers for Slope gas has long been advocated by Gov. Bill Walker, who spoke at a conference in Singapore on Wednesday to pitch the natural gas opportunity in Alaska and discuss the project the state has studied in recent years with the three energy giants.
Walker said he was pleased with the development. "ConocoPhillips has played an integral role in developing our state's gas reserves, and has been shipping LNG from Nikiski to Japan markets for over 40 years – the longest such contract in LNG history. This joint venture will provide new opportunities to develop our LNG resources for a global market."