ANCHORAGE, Alaska — The London Financial Times is reporting Conoco's chief executive, Jim Mulva, says his company will reassess the economics of the Denali Pipeline Project.
Mulva, is quoted as saying, there are, "Competitive concerns for Alaska's natural gas" caused by a surge in natural gas supplies that could provide enough fuel for the continental U.S. for 100 years at current useage rates.
Denali, is a joint venture between Conoco-Phillips and BP.
The project is in competition to build the line with Transcanada to bring some 35-trillion cubit feet of Alaska natural gas to markets in Canada and the lower-48 states.
The Conoco-BP pipeline is currently in an, "open season" accepting bids from gas suppliers (producers) to fill a proposed pipeline. The bidding process ends on October 4.
Mulva goes on to say, the partners will have to examine the economics of building the line, estimated to cost more than 30 billion dollars to complete.
Click here to read the Financial Times' article.