Mackenzie Proponents File Revised Cost, Schedule Information for Project

Imperial Oil, on behalf of the Mackenzie Gas Project proponents, on Monday 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 was also filed Monday. 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.

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