ConocoPhillips proposes Alaska pipeline

Business Materials 30 November 2007 19:28 (UTC +04:00)

( AP ) - Oil exploration and production company ConocoPhillips said Friday it submitted a proposal to develop a pipeline in Alaska that would transport about 4 billion cubic feet per day of natural gas to the United States and Canada.

The company said it is "prepared to make significant investments, without state matching funds, to advance this project."

ConocoPhillips said it is already gathering data in the area to support the pipeline permit application.

During the initial phase of the project, Bechtel Oil, Gas and Chemicals Inc. will provide construction and design support, the company said.

Shares of ConocoPhillips fell 60 cents to $78.22 in premarket electronic trading.