8th Apr 2008 18:15
BP PLC08 April 2008 The following press release was issued in Anchorage at 1800 BST today BP and ConocoPhillips Join on the Alaska Gas Pipeline Work to begin immediately on new joint pipeline effort to bring Alaska gas tomarket ANCHORAGE, April 8, 2008 - BP (NYSE: BP) and ConocoPhillips (NYSE: COP) todayannounced they have combined resources to start Denali - The Alaska GasPipeline. The pipeline will move approximately four billion cubic feet ofnatural gas per day to markets, and will be the largest private sectorconstruction project ever built in North America. The project combines thefinancial strength, arctic experience and technical resources of two of the mostcapable and experienced companies in the world. BP and ConocoPhillips plan to spend $600 million to reach the first majorproject milestone, an open season, commencing before yearend 2010. Following asuccessful open season, a process during which the pipeline company seekscustomers to make long-term firm transportation commitments to the project, thecompanies intend to obtain Federal Energy Regulatory Commission (FERC) andNational Energy Board (NEB) certification and move forward with projectconstruction. The FERC and NEB certificates are the critical permits thatprovide government authorization to construct a pipeline. "This project is vital for North American energy consumers and for the future ofthe Alaska oil and gas industry. It will allow us to keep our North Slope fieldsin production for another 50 years," said Tony Hayward, BP Group ChiefExecutive. "The Alaska gas pipeline will be an historic project and we arepleased to be working with ConocoPhillips to move it forward." "Our goal of bringing Alaska's North Slope gas to market is becoming a reality.Denali - The Alaska Gas Pipeline project will deliver natural gas to meet NorthAmerica's growing energy needs," said Jim Mulva, ConocoPhillips chairman andchief executive officer. "ConocoPhillips is pleased to be working with BP onthis project; our companies have a long history of successfully developingprojects on Alaska's North Slope, in Canada, and around the world. The time isright to start moving this project forward." The project consists of a gas treatment plant on Alaska's North Slope and alarge-diameter pipeline that travels over 700 miles through Alaska, and theninto Canada through the Yukon Territory and British Columbia to Alberta. Shouldit be required to transport gas from Alberta, the project will also include alarge diameter pipeline from Alberta to the Lower 48 states. BP andConocoPhillips will seek other equity partners, including pipeline companies, who can add value to the projectand help manage the risks involved. The companies already have assigned staff to the joint project team which willbe ramping up over the coming months. A new project headquarters in Anchoragewill be identified and a new company formed to manage the project. The projectwill provide jobs and business opportunities. ConocoPhillips' previouslyannounced intent to conduct summer field work in Alaska will be rolled into thejoint effort. BP is an integrated energy company with interests around the world. For moreinformation, see www.bp.com. ConocoPhillips is an integrated energy company with interests around the world.For more information, see www.conocophillips.com. For more information, contact: Steve Rinehart, Press Officer, BP Exploration (Alaska) at (907) 564-5668 Natalie Lowman, Director of Communications, ConocoPhillips Alaska at (907)263-4153 Satellite video of the press conference will be available: The windows are booked on Galaxy 10R KU band on April 8th from 5pm - 7pm EDT(1pm - 3pm AKDT) and on April 9th from 11am - 1pm EDT (7am - 9am AKDT) The feedsare both on Transponder 23 digital slot A. The downlink frequency is 12,146.5vertical polarity with a symbol rate of 4.232 and an FEC of 5/6. For information or questions about the feeds, please contact (907) 441-8577. Broadcast audio and video clips from today's press conference will be availableat noon Alaska time at the project website: www.denali-thealaskagaspipeline.com CONOCOPHILLIPS - CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR"PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This press release contains forward-looking statements within the meaning of the"safe harbor" provisions of the Private Securities Litigation Reform Act of1995. Forward-looking statements are statements that contain projections aboutour revenues, income, earnings and other financial items, our plans andobjectives for the future, future economic performance, or other projections orestimates about our assumptions relating to these types of statements. Thesestatements usually relate to future events and anticipated revenues, earnings,business strategies, competitive position or other aspects of our operations oroperating results. In many cases you can identify forwardlooking statements byterminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does notmean that the statements are not forward-looking. The forward-looking statementsare based on management's expectations, estimates and projections aboutConocoPhillips and the petroleum industry in general on the date this statementwas released. These statements are not guarantees of future performance andinvolve certain risks, uncertainties and assumptions that are difficult topredict. Further, certain forward-looking statements are based on assumptions asto future events that may not prove to be accurate. Therefore, actual outcomesand results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitiveand regulatory factors that may affect ConocoPhillips' business are generally asset forth in ConocoPhillips' filings with the Securities and Exchange Commission(SEC). Unless legally required, ConocoPhillips undertakes no obligation (andexpressly disclaims any such obligation) to update or alter its forward-lookingstatements whether as a result of new information, future events or otherwise. BP - CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OFTHE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This press release contains forward-looking statements within the meaning of the"safe harbor" provisions of the Private Securities Litigation Reform Act of1995. Forward-looking statements are statements that contain projections aboutour revenues, income, earnings and other financial items, our plans andobjectives for the future, future economic performance, or other projections orestimates about our assumptions relating to these types of statements. Thesestatements usually relate to future events and anticipated revenues, earnings,business strategies, competitive position or other aspects of our operations oroperating results. In many cases you can identify forwardlooking statements byterminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential,""predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does notmean that the statements are not forward-looking. The forward-looking statementsare based on management's expectations, estimates and projections about BP andthe petroleum industry in general on the date this statement was released. Thesestatements are not guarantees of future performance and involve certain risks,uncertainties and assumptions that are difficult to predict. Further, certainforward-looking statements are based on assumptions as to future events that maynot prove to be accurate. Therefore, actual outcomes and results may differmaterially from what is expressed or forecast in such forwardlooking statements.Economic, business, competitive and regulatory factors that may affect BP'sbusiness are generally as set forth in BP's filings with the Securities andExchange Commission (SEC). Unless legally required, BP undertakes no obligation(and expressly disclaims any such obligation) to update or alter its forward-looking statements whetheras a result of new information, future events or otherwise. 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