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Source: Alaska Journal of Commerce, AnchorageJan.24小時迷你倉 16--Alaska Gov. Sean Parnell has made if official: Alaska will explore taking an equity share in a large North Slope natural gas pipeline and liquefied natural gas project.At the Jan. 10 Alaska Support Industry Alliance's annual "Meet Alaska" conference and tradeshow in Anchorage Parnell said the state-owned Alaska Gasline Development Corp. has been authorized to participate financially in the project, estimated to cost $45 billion to $65 billion.The idea is similar to an agreement former Gov. Frank Murkowski reached with North Slope producers in 2006 that would have the state be a partner in the project. The Legislature did not approve Murkowski's proposal, however.Parnell said the board of the state-owned Alaska Gasline Development Corp., or AGDC, has voted to authorize the creation of a subsidiary with the intent to participate in the Alaska LNG project.The state gas corporation had been formed to build a smaller, state-led pipeline project if the large project falters, but changes made by the Legislature last year in AGDC's governing statute authorized the corporation to be a vehicle for state investment in a larger project."For the first time in our state's history, the framework is in place to build an all-Alaska gasline on Alaska's terms and in Alaskans' interests," Parnell said. "We have all the necessary parties to make an Alaska gasline project go -- three producers, a pre-eminent pipeline builder, an entity in AGDC that can carry Alaskans' interests, and state agencies responsible for the royalties and taxes."The state's share could be roughly equal to the royalty and tax share of revenues, state officials have said previously. That could total about 20 percent to 25 percent the project.The proposal would be a major financial commitment for the state, but at least one legislative leader reacted favorably. Senate President Charlie Huggins, R-Wasilla, said, "I think the governor's decision will move Alaska several steps forward in the process to get natural gas off the North Slope. This is a business proposition. It is a different model to help Alaskans get the affordable gas they need, while also opening up export opportunities."Former Valdez Mayor Bill Walker, who is running for governor as an independent against Parnell's bid for reelection this fall, was more critical in his statement: "Parnell, in a pre-election maneuver, has reversed us back into the controversial Stranded Gas Act model with producer control and 20 percent minority state ownership."Walker was referring to a similar plan for partial state ownership negotiated by Murkowski in 2006 under terms of a state law, the state Stranded Gas Act, that allows for negotiation of special fiscal terms on a large gas project.In his speech, Parnell described an incremental, step-by-step process the state is following with the companies in the latest effort."You take a step, we take a step, you make a commitment; we make a commitment. Along the way, we verify our commitments and progress," he said. "As a partner in the gasline project, Alaska will control its own destiny. Ownership ensures we either pay ourselves for project services, or negotiate and ensure the lowest possible costs. As a partner, Alaskans stand to gain more."This structure is also attractive to the North Slope producers. From their perspective, their capital costs are reduced by an amount proportional to the percentage of the state take from royalty and taxes. The arrangement would have the producers financing a share of the pipeline in proportion to their net ownership of gas, minus the state's one-eighth royalty, so that the companies would essentially fund a share of the pipeline only big enough to ship their own gas."The state would be in the same position, owning enough of the project to ship state-owned gas and earning profits from that.Details have yet to be worked out, and the Legislature would have to approve the idea. The governor stated he soon expects a commercial agreement, known as a Heads of Agreement, for the Alaska LNG project.The agreement is anticipated to be signed by ExxonMobil, BP, ConocoPhillips, TransCanada, the Alaska Gasline Development Corp., and by the commissioners of the Departments of Revenue and Natural Resources. The Heads of Agreement statement will be subject to public review by the Legislature.That would set the commercial framework in place 迷你倉旺角o move the project forward to the pre-Front End Engineering and Design phase, or pre-FEED, a stage at which more detailed engineering would be done. An investment of about $500 million would be required, Parnell said.The state Legislature will be asked to change several laws to make the state equity participation possible, including a change in the state leases to allow the state to take its tax share of production in-kind, in the form of gas. Alaska now can take the one-eighth royalty in gas, but must be paid in cash for taxes.Also, the production tax would change from a net-profits tax to a flat-rate tax on gross revenues, under the proposal to be made to the Legislature.The legislation would also allow the state to enter into shipping agreements to move and sell the state's royalty gas, Parnell said.The governor set a target of having the legislation passed within four months. After that, the industry group has agreed to initiate the pre-FEED activities, he said.Parnell also said the state has "amicably" terminated an agreement with TransCanada Corp., a pipeline company, over a state license to work on the project with state funds. TransCanada will join the three North Slope producers -- BP, ConocoPhillips and ExxonMobil -- in a "more conventional" partnership, Parnell said.Under AIGA, TransCanada was eligible for a $500 million subsidy for work to advance the project, and has been paid about $300 million so far.State officials have previously disclosed the interest in an equity investment and also in ending the AGIA deal with TransCanada, but Parnell's announcement puts an official stamp on both ideas.AGIA had become outmoded, Parnell said."AGIA was designed for a sole developer of a singular pipeline project moving natural gas (to the Lower 48). The complexity and scope of the Alaska LNG project is different, with a gas treatment plant, pipeline, liquefaction, requiring a broad consortium of owners that must work together," he said.The new alignment signs up TransCanada in a more traditional partnership, but some of TransCanada's commitments under AGIA will continue, such as reasonable tariff terms for gas delivered to Alaskans, "exploration of Alaska's gas acreage, gasline expansion potential and local-hire, to name a few," Parnell said.The governor also mentioned TransCanada's commitment to a debt-equity financing structure, "that guarantees the state's interests are protected," he said.Finally, "TransCanada's participation reduces the state's cash commitment and increases state return," the governor said. Parnell provided no details as to how that will work in his speech, but that will emerge as the legislation is introduced.The three producers and TransCanada have been engaged in planning and feasibility studies for the project for about two years. Previously, TransCanada and ExxonMobil worked together on TransCanada's plan for an all-land pipeline to Canada, while BP and ConocoPhillips pursued a separate, but similar, plan under their Denali Pipeline consortium.Denali was ended when BP and ConocoPhillips concluded the all-land pipeline was not feasible but TransCanada and ExxonMobil continued working because TransCanada had committed to do so under AGIA and the state was picking up 90 percent of the cost of the work, under AGIA's subsidy terms.In 2012, Parnell asked the companies to switch from an all-land pipeline to Canada in favor of a pipeline from the North Slope to Southcentral Alaska, to a large gas liquefaction, or LNG, plant located in a south Alaska port city for Asian exports. The producers and TransCanada agreed to that.The project now envisioned is for an 800-mile, 42-inch pipeline from Prudhoe Bay to a large LNG plant at Nikiski, near Kenai. The plant would export 15 million to 18 million tons of liquefied gas annually.Parnell is upbeat about the way things are moving: "While most Alaskans have seen past efforts to develop a large gas project falter for various reasons, this time is different," he said in his Jan. 10 speech. "AGDC is our 'ace in the hole,' meaning we can still opt for the smaller volume project," that would serve Alaskans, if the big gas project stalls again.Tim Bradner can be reached at tim.bradner@alaskajournal.com.Copyright: ___ (c)2014 the Alaska Journal of Commerce (Anchorage, Alaska) Visit the Alaska Journal of Commerce (Anchorage, Alaska) at .alaskajournal.com Distributed by MCT Information Servicesmini storage