Juneau -- House Bill 290, sponsored by the House Resources Committee, has been introduced in the Alaska House. HB 290 addresses regulatory aspects of the development of Alaska's stranded natural gas reserves.

"Before a stranded gas project can proceed, certain amendments to state statutes are needed," said Representative Beverly Masek (R-Willow), Co-Chair of the House Resources Committee. "HB 290 also clarifies definitions of, regulatory authority over, and criteria needed for such projects."

Passage of HB 290 will be the second step in the development of stranded gas projects in Alaska. The process began in 1998 with the passage of the "Trans-Alaska Gas Line Bill," which authorized the state to negotiate contracts to develop stranded gas resources with project sponsors.

"Collectively, these changes are intended to provide greater certainty and predictability in the regulation of stranded gas pipeline systems," Masek said. "This increased certainty will enhance the marketability of Alaska's stranded gas reserves by allowing them to compete more effectively and to attract the large investments required for them to proceed."

HB 290 now moves to the House Special Committee on Oil and Gas.