Photo: Alaska Governor Sarah Palin celebrates a landmark agreement between TransCanada and ExxonMobil to partner together in building Alaska’s natural gas pipeline – the largest and most complex construction project in North America. Governor Palin, center, is joined by (left to right) Marty Massey, Joint interest Manager for Exxon Mobil; Alaska Department of Natural Resources Deputy Commissioner Marty Rutherford; Rich Krueger, President of Exxon Mobil Production Company; Hal Kvisle, President and CEO of TransCanada Corporation; and Dennis McConaghy, Executive Vice-President of Pipeline Strategy and Development.FOR IMMEDIATE RELEASE No. 09-145
June 11, 2009, Dallas, Texas - TransCanada Corporation and ExxonMobil announced today they have reached terms on a gas pipeline development agreement. TransCanada and ExxonMobil have agreed to work together to progress the Alaska Gasline Inducement Act (AGIA) Gas Pipeline Project.
AGIA was created as a commercial vehicle for advancing the Alaska gas pipeline project through the first stages of development of what will be the largest private energy project in the world. "In a volatile world with growing energy needs, the time is now to develop Alaska's valuable resource for the environment, economy and national security,” Governor Palin said. She further described this historic announcement as “very encouraging and exciting, but certainly no surprise, because AGIA was crafted to allow just this type of commercial alignment to take place.”
For the State of Alaska and Alaskans, the owners of the North Slope’s world-class hydrocarbon resources, this event represents progress on this long lead-time project. Once construction begins, Alaska will experience economic growth not seen in over a generation, including potentially thousands of jobs created through construction of an open-access pipeline, as well as significant revenues generated from the production and sale of the gas.
A photo from Wednesday’s meeting in Dallas can be found at:
http://www.gov.state.ak.us/photos/AGIA-Progress_June10-2009.jpg
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