The Mackenzie gas project joint-venture participants today announced
that they have decided not to proceed with the project at this time and
are dissolving the joint venture.
Since work on the Mackenzie gas project was initiated in 2000, the North
American natural gas market has changed significantly. Mackenzie gas is
currently not economically competitive with other sources of supply in
North America, due to a combination of factors, including high project
costs and the continued growth of low-cost North American unconventional
gas supplies.
“We recognize this is a disappointing day for the people of the North.
This is a disappointment to Imperial and the other members of the joint
venture, as well,” said Theresa Redburn, senior vice-president,
commercial and corporate development at Imperial.
“This was a difficult decision. We understand that it is a
disappointment to the many organizations and individuals who have
advocated for the development of the natural gas resource in the
Mackenzie Delta,” said Darryl Hass, vice president, Health, Safety,
Environment & Sustainable Development at ConocoPhillips Canada.
“There has been a considerable investment of time and energy made by the
project proponents and the people of the North,” said Redburn. “Imperial
greatly appreciates the support of the communities along the pipeline
right-of-way and believes the North remains an important potential
source of future energy, given the right economic and regulatory
conditions.”
The joint-venture participants in the project include Imperial Oil
Resources Limited, ConocoPhillips Canada, ExxonMobil Canada and the
Aboriginal Pipeline Group.
After more than a century, Imperial continues to be an industry
leader in applying technology and innovation to responsibly develop
Canada’s energy resources. As Canada’s largest petroleum refiner, a
major producer of crude oil and natural gas, a key petrochemical
producer and a leading fuels marketer from coast to coast, our company
remains committed to high standards across all areas of our business.
