ANCHORAGE – Alaska Gasline Development Corporation (AGDC) recently received a significant boost for its Alaska LNG Phase 1 pipeline project. The Alaska Industrial Development and Export Administration (AIDEA) has agreed to negotiate a letter of credit to cover front end engineering and design (FEED) costs for part of the project within the state pipeline.
This development is particularly noteworthy for Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF), an oil and gas company operating near the proposed pipeline route on Alaska’s North Slope. The AIDEA solution is seen as a key step towards attracting private investment and progressing to a Final Investment Decision (FID).
Pantheon, which has already signed a Gas Precedent Sales Agreement (GSPA) with AGDC in June 2024, sees the agreement as a potential route to secure the capital needed to bridge the gap from the Ahpun FID point to a self-cashing company. – sufficiency.
David Hobbs, executive chairman of Pantheon Resources, expressed the company’s commitment to working with AGDC and Alaska officials. His statement emphasized the project’s importance in maximizing the benefits of North Slope gas resources for Alaskans, as well as its role in strengthening the state’s long-term energy security and contributing positively to US national security.
AGDC’s announcement indicates progress for the Alaska LNG project, which aims to transport from the North Slope to markets in Alaska and beyond. This press release provides insight into the ongoing efforts to secure funding and support for this significant infrastructure undertaking.
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