BP unveil Alaska pipeline plan

Two of the world’s largest oil companies have unveiled plans to jointly develop a multibillion dollar pipeline to move natural gas from Alaska’s energy-rich North Slope to US markets.

BP PLC and Houston-based ConocoPhillips say they plan to spend US$600m (€382m) in the first phase of the project over the next three years, beginning this summer. The project’s cost estimates exceed US$30bn (€19bn) dollars.

The announcement represents the first visible steps toward pipeline construction on a project that hit a dead end during a legislative stalemate two years ago.