BP, AGDC announce agreement to allow oil company to assist in seeking financing

    JUNEAU, Alaska (KINY) - The state won't have to go completely alone on the AK-LNG Pipeline Project.

    BP and the Alaska Gasline Development Corporation announced an agreement Monday that lets the oil company assist in seeking financing.

    Damian Bilboa with BP's Alaska LNG subsidiary told lawmakers in Juneau Monday that the company still has an interest in getting North Slope natural gas to market.

    BP, along with ConocoPhillips and Exxon-Mobil, handed over control of the AK-LNG project to the state's Gasline Development Corporation last year.

    The new agreement lets B-P continue to assist in seeking third-party financing or equity investors toward bringing the pipeline into service by 2025.

    Meanwhile, AGDC is also looking at buying ConocoPhillips' LNG facility at Nikiski, which the company  decided to sell in November. The plant, which exported liquefied natural gas to Japan for decades, could replace an LNG terminal planned for a different site in Nikiski.

    More from News of the North

    Crude Oil Price

    Current Conditions