Murkowski responds to TransCanada-Exxon announcement

WASHINGTON, D.C. – U.S. Sen. Lisa Murkowski, R-Alaska, today welcomed the announcement that Exxon Mobil and TransCanada have agreed to work together to advance construction of a natural gas pipeline from Alaska’s North Slope to Lower 48 consumers.

 

“A deal between TransCanada and Exxon is a major sign of progress toward our shared goal of commercializing Alaska’s vast natural gas reserves,” Murkowski said. “While a lot of work remains to be done, this brings us one step closer to bringing jobs and reliable energy to Alaskans and the nation.”

 

The state of Alaska has long sought a pipeline capable of shipping the North Slope’s vast natural gas reserves to Lower 48 markets. A successful project will create thousands of jobs and lower energy prices.

 

“A gas line is absolutely essential for Alaska’s economic future and for the nation’s energy security,” Murkowski said. “As the project proceeds, cooperation between the North Slope producers, TransCanada and the state will be the key to its success.”

 

Murkowski recently won approval for inclusion of amendments to the Senate energy bill to increase the federal loan guarantee for an Alaska gas pipeline project from $18 billion to $30 billion, grant the pipeline sponsors access to the Federal Financing Bank, and other provisions.

 

The Senate Energy and Natural Resources Committee is set to approve the energy bill next week. It will then go to the full Senate for approval.

 

Murkowski, the ranking Republican on the Senate Energy Committee, vowed to continue to work at the federal level to make the pipeline a reality.

 

“Getting Alaska’s clean-burning natural gas to consumers in the Lower 48 is one of the most significant steps we as a nation can take toward addressing climate change and our energy security,” Murkowski said.

 

The North Slope holds an estimated 35 trillion cubic feet of natural gas proven reserves. Exxon holds the rights to slightly more than a third of the North Slope’s reserves. The other two major gas leaseholders, ConocoPhillips and BP, are pursuing a separate gas pipeline project called Denali.