ExxonMobil, BP, ConocoPhillips decide not to invest in Alaska LNG
Photo courtesy of Alaska LNG.
The Wall Street Journal reported that ExxonMobil and its partners BP and ConocoPhillips have decided not to move forward with their JV, Alaska LNG, as they believe that current market conditions make the project unprofitable. The project is estimated to cost $45 B–$65 B.
The Alaskan state government, which already owns a 25% stake in the project, bought from TransCanada Corp., are still looking to move the project forward.
In a statement, Governor Bill Walker said, “I was very pleased to see that there remains a strong potential for an economically viable Alaska LNG project, even at $45 /bbl oil prices…” He also stated that, “Alternate ideas such as third party investors, project financing and other advantages resulting from a state led project could make the difference.”
An ExxonMobil spokesman stated that the company has no interest in further development of the project, which they see as, “transitioning to a state project.”
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