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Mackenzie Gas Project proponents file revised cost and schedule information
with National Energy Board and Joint Review Panel
| Calgary, AB,
March 12, 2007
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Imperial Oil, on behalf of the Mackenzie Gas Project proponents, today filed
updated cost and schedule information on the proposed project with the
National Energy Board and Joint Review Panel.
The updated
information submitted to regulators includes project costs of $3.5 billion for
the gas-gathering system, and $7.8 billion for the Mackenzie Valley Pipeline.
In addition, the estimated cost of the development of anchor fields is $4.9
billion. (All figures are expressed in 2006 Cdn. dollars.)
Future project activities will focus on the regulatory process and discussions
with the federal government on fiscal framework.
In
accordance with regulatory requirements, a revised schedule has also been
filed today. Project timing is uncertain, but production start-up is no sooner
than 2014 and is conditional on progress on regulatory and fiscal matters.
The Mackenzie Gas Project would include the development of an estimated six
trillion cubic feet of natural gas resource in the three largest onshore
fields discovered in the Mackenzie Delta, and construction of a gas and
natural-gas liquids gathering system, gas pipeline and related facilities.
The Mackenzie Valley gas pipeline would have 1.2 billion cubic feet per day of
throughput capacity, and would be expandable to accommodate gas from other
fields in the future.
The project is being proposed by
Imperial, ConocoPhillips Canada, Shell Canada, ExxonMobil Canada and the
Aboriginal Pipeline Group (APG). The APG was formed in 2000 to enable
ownership interest by the Aboriginal peoples of the Northwest Territories in
the proposed Mackenzie Valley natural-gas pipeline. TransCanada PipeLines
Limited is helping to facilitate and finance the APG's ownership, in addition
to other support, in the current phase of project development.
Imperial Oil Limited, on behalf of the MGP coventurers, will host a conference
call today, Monday, March 12, 2007 at 9 a.m. (MDT) to discuss this release.
Interested parties may participate in the teleconference by dialing:
Toronto: 1-416-644-3418
Calgary: 1-403-398-9531
Toll-free:
1-800-731-5319
Note: No passcode is required.
Please
dial in approximately 10 minutes prior to the teleconference.
An archived recording of the call will be available by dialing:
Toronto: 1-416-640-1917
Toll-free: 1-877-289-8525
and entering
pass code 21222543#.
The archived recording will be
available until March 23.
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