Alaska Governor Sean Parnell (NGP Photo) reacts to FERC progress toward Alaska LNG export project and TODAY'S Japan-Alaska Memorandum of Cooperation (i.e. two-year, renewable, non-binding understanding between governments … Read full statement, with link to actual Memorandum).
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(Reuters) – Japan's trade ministry and Alaska's Department of Natural Resources on Monday signed a memorandum of understanding to help Japan procure low-cost and stable supplies of liquefied natural gas(LNG), a government official said. (Other links: Platts, O&G Journal, US Energy Information Administration)
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NIKKEI JAPAN REVIEW — Japan's Ministry of Economy, Trade and Industry will assist domestic businesses in importing natural gas produced in Alaska, hoping to secure a relatively low-priced fuel from a region not susceptible to geopolitical risks.
Global energy producers, including Exxon Mobil and BP, are pursuing a natural gas project in northern Alaska, with a goal of starting production in 2023-24.
The ministry will sign a memorandum of understanding with Alaska's energy authority on Monday to ensure Japanese electricity and gas utilities can obtain favorable terms, including prices and reselling rules, in importing output from the project.
TODAY'S NEWS LINKS FROM: Office of the Alaska Gas Pipeline Federal Inspector.
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Governor Welcomes More Progress on Alaska LNG Project
September 8, 2014, Juneau, Alaska – Governor Sean Parnell today welcomed news that the Alaska LNG Project reached another milestone with its formal request to the Federal Energy Regulatory Commission (FERC) to begin the pre-file process for the natural gas project. In doing so, the project triggers FERC’s National Environmental Policy Act permitting process.
Governor Parnell also announced today the State of Alaska and Japan’s Ministry of Economy, Trade and Industry (METI) signed a Memorandum of Cooperation (Link Here) regarding the Alaska LNG Project and other natural resource development opportunities in Alaska.
“This agreement is yet another key milestone in the State’s rapid advancement of the commercialization of our world-class North Slope natural gas resources – to Alaskans first and then to markets beyond,” said Governor Parnell, noting that Japan is the world’s largest importer of LNG.
Natural Resources Commissioner Joe Balash and METI Agency for Natural Resources and Energy Commissioner Takayuki Ueda signed the agreement on Sept. 8 in Tokyo.
“It is an extremely positive development that the government agency that sets Japan’s energy policy and works closely with Japan’s utility market has taken a strong interest in the Alaska LNG Project and the State’s overall natural resources portfolio,” Balash said.
The Alaska LNG Project is a consortium of the three major North Slope producers, pipeline builder TransCanada Corp., and the State of Alaska.
The project formally entered the Pre-Front End Engineering and Design (Pre-FEED) stage in July, during which the Alaska LNG Project is spending hundreds of millions of dollars on design and engineering and creating hundreds of jobs. Also during this stage, the producers and the State are beginning to engage the LNG sales market. In August Energy Secretary Ernest Moniz exempted the project from a rule that has slowed the approvals for Lower 48 LNG export projects.
The memorandum with METI is part of the State’s ongoing efforts to engage the LNG markets in Asia, and it builds upon an existing agreement the State signed with the Japan Bank for International Cooperation (JBIC) in January. JBIC is a public financial institution that plays a critical role in financing and securing Japan’s LNG imports.
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