Shale gas boom slows Mackenzie pipeline
Apr 09, 2012 | 02:56 PM
| Michael Cowden
Tags
Mackenzie Valley,
natural gas,
pipeline,
line pipe,
Imperial Oil,
ConocoPhillips,
Shell,
ExxonMobil
shale
TORONTO — Spending and activity on a massive natural gas pipeline in northern Canada have been scaled back in part due to burgeoning shale gas production elsewhere in North America.
Despite the cuts, the Canadian $16.2-billion ($16.22 billion) Mackenzie Valley natural gas pipeline is not dead and not even on hold, a spokesman for Calgary, Alberta-based Imperial Oil Ltd., the operator of the project, told AMM.
"Just to be clear, the project is still alive," said a spokesman for Houston-based energy firm ConocoPhillips Co., another stakeholder in the project.
ConocoPhillips announced last week that it expected to take a $525-million after-tax writedown during the first quarter of 2012 on the Mackenzie pipeline as well as associated gathering systems and the Parsons Lake natural gas field in Canada’s Northwest Territories. Parsons Lake is one of the primary reserves in the region, with ConocoPhillips holding a 75-percent stake and Irving, Texas-based ExxonMobil Corp. holding the remaining 25 percent.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here