BP-Conoco ends bid to build Alaska gas line
She's dead. Frankly, I'm surprised it took this long.
The Denali joint venture between BP and Conoco seemed like a longshot to begin with, and more of a protest against the AGIA process than anything else. An expensive protest at that, considering the $165 million spent on it. There is some small chance that the Denali venture has some assets that could be of use to a successful proponent.
That leaves the TCPL (oops, "TC-Alaska") project as the only one running now. And given the skepticism of many, it's hard to tell just how healthy that one is, too. The upside for TC is that they are now the ONLY one with an actual project.
As skeptical as many are, I still think there's an outside shot here. Shale gas is abundant, sure, but I continue to doubt it's quite as abundant as promoters would like us to think. The market WILL tighten.
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