* U.S. FERC approves TransCanada plan with modifications
* Open season to begin April 30, last 90 days
NEW YORK, March 31 (Reuters) - TransCanada Corp (TRP.TO)
has received conditional U.S. regulatory approval to begin an
open season to gauge whether companies are interested in
shipping natural gas on its massive Alaska pipeline project,
the U.S. Federal Energy Regulatory Commission said on
Wednesday.
The 1,700-mile-long (2,700 km) pipeline, mulled for more
than a generation, would be among the largest and most
expensive civil engineering projects ever undertaken in North
America. Years of planning have already gone into it.
The pipeline would take years to build, at an estimated
cost of up to $41 billion.
The open season, expected to begin no later than April 30
and last for 90 days, will be conducted to gather binding
commitments from parties looking to buy capacity in the
pipeline, FERC said in a statement.
Before the open season can go ahead, FERC has asked
TransCanada to immediately open its data room so bidders can
access all the information needed, and make certain revisions
to comply with its standards of conduct.
Results of the open season are to be announced Oct. 31.
TransCanada and its partner in the Alaska pipeline, Exxon
Mobil Corp (XOM.N), said in January the cost of the line would
range between $32 billion and $41 billion.
It is expected to carry at least 4.5 billion cubic feet of
gas daily -- about 7 percent of current daily usage -- from
Alaska's North Slope to Alberta for an in-service date around
2020.
Cost estimates for the line rose from initial projections
due to an extension of the line to the Point Thomson field on
Alaska's North Slope, an expanded gas-processing plant and more
detailed engineering than first available.
Calgary-based TransCanada is the state of Alaska's
preferred pipeline sponsor and holder of a state license under
the Alaska Gasline Inducement Act (AGIA).
The company added U.S. energy major Exxon Mobil, one of the
three major North Slope natural gas producers, as a partner to
its proposal last year.
The two other producers, BP Plc (BP.L) and ConocoPhillips
(COP.N), are backing a rival plan, the Denali pipeline project,
and are slated to launch an own open season in April.
A separate open season will be staged for the Canadian
portion of the line.
(Reporting by Ed McAllister and Eileen Moustakis; Editing by
David Gregorio)
Source: http://www.reuters.com/article/idUSN3122413320100331?type=usDollarRpt
* Open season to begin April 30, last 90 days
NEW YORK, March 31 (Reuters) - TransCanada Corp (TRP.TO)
has received conditional U.S. regulatory approval to begin an
open season to gauge whether companies are interested in
shipping natural gas on its massive Alaska pipeline project,
the U.S. Federal Energy Regulatory Commission said on
Wednesday.
The 1,700-mile-long (2,700 km) pipeline, mulled for more
than a generation, would be among the largest and most
expensive civil engineering projects ever undertaken in North
America. Years of planning have already gone into it.
The pipeline would take years to build, at an estimated
cost of up to $41 billion.
The open season, expected to begin no later than April 30
and last for 90 days, will be conducted to gather binding
commitments from parties looking to buy capacity in the
pipeline, FERC said in a statement.
Before the open season can go ahead, FERC has asked
TransCanada to immediately open its data room so bidders can
access all the information needed, and make certain revisions
to comply with its standards of conduct.
Results of the open season are to be announced Oct. 31.
TransCanada and its partner in the Alaska pipeline, Exxon
Mobil Corp (XOM.N), said in January the cost of the line would
range between $32 billion and $41 billion.
It is expected to carry at least 4.5 billion cubic feet of
gas daily -- about 7 percent of current daily usage -- from
Alaska's North Slope to Alberta for an in-service date around
2020.
Cost estimates for the line rose from initial projections
due to an extension of the line to the Point Thomson field on
Alaska's North Slope, an expanded gas-processing plant and more
detailed engineering than first available.
Calgary-based TransCanada is the state of Alaska's
preferred pipeline sponsor and holder of a state license under
the Alaska Gasline Inducement Act (AGIA).
The company added U.S. energy major Exxon Mobil, one of the
three major North Slope natural gas producers, as a partner to
its proposal last year.
The two other producers, BP Plc (BP.L) and ConocoPhillips
(COP.N), are backing a rival plan, the Denali pipeline project,
and are slated to launch an own open season in April.
A separate open season will be staged for the Canadian
portion of the line.
(Reporting by Ed McAllister and Eileen Moustakis; Editing by
David Gregorio)
Source: http://www.reuters.com/article/idUSN3122413320100331?type=usDollarRpt
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