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Session: State Capitol, Room 432 Juneau, AK 99801-1182 Phone: (907) 465-2679 Fax: (907) 465-4822 Send E-Mail Interim: 600 E. Railroad Ave., #1 Wasilla, AK 99654 Phone: (907) 376-2679 Fax: (907) 373-4745 |
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For Immediate Release: January 20, 2000 |
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| Contact: |
Eddie Grasser at (907) 465-2679 |
Juneau -- House Bill 290, a bill introduced by the House Resources Committee making necessary changes to existing statute before a stranded gas project can proceed, is scheduled for a hearing in the House Special Committee on Oil & Gas on Thursday, January 27.
"This bill was introduced so regulatory issues concerning the development of Alaska's stranded natural gas would addressed," said Representative Masek (R-Willow), Co-Chairman of the House Resources Committee. In 1998 HB 393, Develop Stranded Gas Resources, was the first step in development of stranded gas projects. Stranded gas is gas that is not being marketed due to prevailing costs or price conditions. HB 393 addressed many of the financial concerns surrounding a stranded gas project. This session, HB 290 will address regulatory affairs such as clarification of, regulatory authority over, and criteria needed for such projects. "Many Alaskan's are excited about the potential of Alaska becoming a player in the global gas market. As oil revenues decline and new revenue sources are sought, HB 290 advances our goals of responsible development of our resources. The development of a stranded gas pipeline will create new jobs, new revenue, and boost Alaska's economy." Representative Masek stated. "The changes to existing statute in HB 290 are intended to apply to all potential stranded gas pipeline projects. Jurisdiction of state and federal regulation of such projects will be clarified. The changes will be complementary to a non-discriminatory federal process, which will apply to any export volumes of stranded gas. Regulation of in state transportation and sales of stranded gas will be provided for by the changes in HB 290. Finally, a stranded gas pipeline project will be exempt from acting as a public utility," Representative Masek explained. After HB 290 passes out of the House Special Committee on Oil & Gas, it will move to the House Resources Committee.