Legislature(2021 - 2022)BUTROVICH 205

03/22/2021 03:30 PM Senate RESOURCES

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Audio Topic
03:30:31 PM Start
03:32:24 PM Overview of Qilak Lng
03:59:41 PM Overview of the Alaska Lng Project
04:43:58 PM Usibelli Coal
04:50:23 PM Adjourn
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
-- Teleconference Listen Only --
Presentation: Qilak LNG by Hon. Mead Treadwell
Chairman & CEO Qilak LNG
Presentation: Alaska Gasline Development
Corporation (AGDC) by Frank Richards P.E.
President AGDC
Remarks by Lorali Simon-VP of External Affairs
for Usibelli Coal
-- Testimony <Invitation Only> --
+ Bills Previously Heard/Scheduled TELECONFERENCED
**Streamed live on AKL.tv**
                    ALASKA STATE LEGISLATURE                                                                                  
              SENATE RESOURCES STANDING COMMITTEE                                                                             
                         March 22, 2021                                                                                         
                           3:30 p.m.                                                                                            
MEMBERS PRESENT                                                                                                               
Senator Joshua Revak, Chair                                                                                                     
Senator Peter Micciche, Vice Chair                                                                                              
Senator Click Bishop                                                                                                            
Senator Gary Stevens                                                                                                            
Senator Natasha von Imhof                                                                                                       
Senator Jesse Kiehl                                                                                                             
Senator Scott Kawasaki                                                                                                          
MEMBERS ABSENT                                                                                                                
All members present                                                                                                             
COMMITTEE CALENDAR                                                                                                            
Overview of Qilak LNG by Chair and CEO Mead Treadwell                                                                           
     - HEARD                                                                                                                    
Overview of the Alaska LNG Project by AGDC President Frank                                                                      
     - HEARD                                                                                                                    
Remarks by Lorali Simon on Usibelli Coal and the AGDC                                                                           
     - HEARD                                                                                                                    
PREVIOUS COMMITTEE ACTION                                                                                                     
No previous action to record                                                                                                    
WITNESS REGISTER                                                                                                              
MEAD TREADWELL, Chair and CEO                                                                                                   
Qilak LNG                                                                                                                       
Anchorage, Alaska                                                                                                               
POSITION   STATEMENT:  Presented   an  overview   of  Qilak   LNG                                                             
DAVID CLARK, Chief Operating Officer                                                                                            
Qilak LNG                                                                                                                       
Anchorage, Alaska                                                                                                               
POSITION STATEMENT:  Answered questions and  provided information                                                             
during the Qilak LNG presentation.                                                                                              
FRANK RICHARDS, President                                                                                                       
Alaska Gasline Development Corporation (AGDC)                                                                                   
Anchorage, Alaska                                                                                                               
POSITION STATEMENT: Presented an update on Alaska LNG.                                                                        
LORALI SIMON, Vice President of External Affairs                                                                                
Usibelli Coal Mine                                                                                                              
Fairbanks, Alaska                                                                                                               
POSITION STATEMENT:  Presented information  on Usibelli  Coal and                                                             
commented on the AGDC presentation.                                                                                             
ACTION NARRATIVE                                                                                                              
3:30:31 PM                                                                                                                    
CHAIR  JOSHUA   REVAK  called   the  Senate   Resources  Standing                                                             
Committee meeting  to order at 3:30  p.m. Present at the  call to                                                               
order were Senators Stevens, Bishop,  Kawasaki, von Imhof, Kiehl,                                                               
Micciche, and Chair Revak.                                                                                                      
^Overview of Qilak LNG                                                                                                          
                     OVERVIEW OF QILAK LNG                                                                                  
3:32:24 PM                                                                                                                    
CHAIR  REVAK   announced  the  committee   would  first   hear  a                                                               
presentation from  former Lieutenant  Governor Mead  Treadwell on                                                               
Qilak LNG.                                                                                                                      
3:32:34 PM                                                                                                                    
MEAD  TREADWELL, Chair  and CEO,  Qilak  LNG, Anchorage,  Alaska,                                                               
referenced  the  written testimony  he  submitted  and began  the                                                               
slide  presentation with  a review  of  his role  in helping  the                                                               
state  commercialize   North  Slope  gas.  He   related  that  as                                                               
lieutenant governor  he worked with  the legislature to  focus on                                                               
shipping  gas to  Asian markets.  This was  the beginning  of the                                                               
Alaska Gasline Development Corporation.                                                                                         
3:34:19 PM                                                                                                                    
MR. TREADWELL  turned to  slide 2 and  reminded the  members that                                                               
ExxonMobil, Hilcorp,  and ConocoPhillips own 32.4  Tcf across gas                                                               
fields on the North Slope with  probable gas reserves of 100 Tcf.                                                               
However,  previous efforts  to commercialize  the  gas through  a                                                               
pipeline have  proven to be  too expensive and  uncompetitive. He                                                               
offered  his view  that  the  Yukon Pacific  project  did not  go                                                               
forward because  the cost of  gas was not  enough to make  up for                                                               
the  lost oil.  There were  also several  projects that  tried to                                                               
take gas  down the Alaska  highway, but  the cost of  getting the                                                               
gas to  the hub in Calgary  was more expensive than  the value of                                                               
gas at  the hub. While Alaska  was working on the  latest project                                                               
to take  gas across  the state,  Yamal LNG  in Russia  proved the                                                               
economic viability  of Arctic LNG  using icebreaking  LNG tankers                                                               
to export LNG  throughout the year. He  highlighted that compared                                                               
to  the Yamal  Peninsula, Point  Thomson  on the  North Slope  is                                                               
2,000 miles  closer to the maximum  ice edge in the  Arctic Ocean                                                               
and Bering Straits.                                                                                                             
3:36:19 PM                                                                                                                    
MR. TREADWELL  advised that the  first exports of Yamal  LNG were                                                               
about 16.8 million tons per annum  (MTPA). This plant is a little                                                               
larger than what was discussed  for the Yukon Pacific gasline and                                                               
a little less than the AGDC  gasline. He noted that Jamal decided                                                               
to  go  to  floating  near  shore LNG  facilities  for  its  next                                                               
projects.  The  proposed  LNG  projects  in  the  Russian  Arctic                                                               
include Arctic  LNG 1 and  2 each of  which will be  16.5 million                                                               
tons  per annum  (MTPA).  Current estimates  are  that 4-5  cargo                                                               
ships per  day or 1,500 to  1,800 tanker shipments per  year will                                                               
come from Russia  through the Bering Straits headed  to the Asian                                                               
MR. TREADWELL stated  that Qilak LNG looked at doing  this on the                                                               
North  Slope and  ultimately entered  a Heads  of Agreement  with                                                               
ExxonMobil,  operator  of  the  Point  Thomson  Unit  (PTU).  The                                                               
concept is  to condition the  gas onshore  and ship it  through a                                                               
subsea pipeline 6-9 miles into  federal waters to a gravity-based                                                               
structure  (GBS) that  would  be  grounded in  about  45 feet  of                                                               
water. This would be deep enough  to provide a turning radius for                                                               
the  tankers and  far enough  from shore  to avoid  conflict with                                                               
subsistence whaling. He noted that  food security is a core value                                                               
of the company.                                                                                                                 
MR. TREADWELL  directed attention to  the pictures of  three ice-                                                               
class LNG  tankers on  slide 5.  He explained  that the  bows are                                                               
specifically  designed for  navigation  in open  water with  much                                                               
greater efficiency  than older style  icebreakers. The  Yamal LNG                                                               
project has  15 Korean  made Mark  1 vessels  in operation  and 6                                                               
Mark  2 vessels  are  on  order for  the  Arctic  LNG 2  project.                                                               
Qilak's feasibility study found the  newer vessels cost less, are                                                               
more powerful, and  more efficient. The cost per  vessel is about                                                               
$290 million.                                                                                                                   
3:38:32 PM                                                                                                                    
MR.  TREADWELL pointed  out that  the efforts  to build  a multi-                                                               
billion dollar  pipeline across  the state does  not get  the gas                                                               
much closer to  market; the difference between  shipping from the                                                               
North Slope to Tokyo and Cook Inlet to Tokyo is just 40 miles.                                                                  
He  related that  when the  Qilak  LNG Project  was announced  in                                                               
2019, offtake was identified in  China and the Philippines. Since                                                               
then the company has signed  agreements with two Japanese trading                                                               
companies  for  offtake  and   one  transshipment  operation.  He                                                               
offered  his belief  that the  capacity for  project offtake  was                                                               
more than double what is needed for the project.                                                                                
MR.  TREADWELL  highlighted  that  the new  Secretary  of  Energy                                                               
supports LNG exports as a cleaner  energy and is hopeful that the                                                               
industry can  reduce its own  emissions. He opined that  Qilak is                                                               
in a  good place. It  is starting with conventional  gas, the CO                                                                
can  be sequestered  in the  field,  and operating  in very  cold                                                               
temperatures  will  significantly   improve  efficiency  for  the                                                               
liquefaction.  New   technology  will  be  used   such  that  the                                                               
refrigerant component will  not be an emitter.  Savings will also                                                               
be realized  through the  shorter distance  to Japan  compared to                                                               
other U.S. markets. Additionally,  senior members of the Japanese                                                               
government and others have expressed  interest in the feasibility                                                               
studies  to   further  reduce  greenhouse  gas   emissions.  This                                                               
includes  the  possibility of  bringing  carbon  dioxide back  to                                                               
Alaska for  reinjection in  fields that can  use it  for enhanced                                                               
oil production such as Cook Inlet.                                                                                              
3:41:32 PM                                                                                                                    
MR. TREADWELL  emphasized that  the Qilak  LNG is  America's best                                                               
choice for  LNG, and it  will be of  great benefit to  Alaska. He                                                               
urged  the  legislature  to  support   the  project  and  similar                                                               
companies  that  want to  invest  private  capital in  Alaska  to                                                               
pioneer  a  breakthrough  for Alaska  gas  development.  He  also                                                               
encouraged  the legislature  to ask  the Alaska  Energy Authority                                                               
(AEA)  to update  its  past  work on  LNG  deliveries to  coastal                                                               
communities  given  the potential  of  the  supply, the  existing                                                               
potential of  Russian and Canadian  containerized LNG  supply and                                                               
advancements in  ISO containers that  make LNG supplies  to small                                                               
communities more viable.                                                                                                        
He said support from the state  and federal government as well as                                                               
the  North  Slope  Borough is  essential.  He  mentioned  getting                                                               
approval of  royalty gas sales  associated with the  project when                                                               
it is appropriate,  and the importance of a  stable tax structure                                                               
to  secure financing.  He said  they  are not  looking for  state                                                               
support but they do anticipate  Alaskans having some ownership of                                                               
the project  and they believe  AIDEA has the legal  authority for                                                               
MR.  TREDWEALL  mentioned the  right  the  state has  to  transit                                                               
federal land to develop its  resources and noted that the project                                                               
will  need  to  cross  federal  land  to  put  the  gravity-based                                                               
offshore  structure  in place.  He  also  mentioned that  he  and                                                               
Lieutenant  Governor Meyer  have been  working at  the university                                                               
level  on   screening  technologies  to  reduce   greenhouse  gas                                                               
emissions. Finally, he expressed  hope that the agreement between                                                               
the   Department   of   Natural  Resources   that   has   yielded                                                               
constructive  talks and  personal ties,  will be  renewed at  the                                                               
appropriate time.                                                                                                               
3:44:34 PM                                                                                                                    
SENATOR VON IMHOF asked if  the $5 billion initial prefeasibility                                                               
cost  estimate  for the  project  includes  the gas  conditioning                                                               
plant,  the  pipeline  extending  six  miles  offshore,  and  the                                                               
equipment that is needed.                                                                                                       
MR.  TREADWELL replied  the $5  billion covers  everything except                                                               
the conditioning  plant, and  noted that  the Heads  of Agreement                                                               
looks at the  Point Thomson Unit to provide  the conditioning. He                                                               
acknowledged that  the feasibility study  prior to feed  looks at                                                               
including the  conditioning offshore or in  another configuration                                                               
3:46:00 PM                                                                                                                    
SENATOR VON  IMHOF asked  what he  knows about  financing options                                                               
for  offshore gas,  because financing  options  for offshore  oil                                                               
drilling is drying up.                                                                                                          
MR.  TREADWELL  mentioned  redlining efforts  by  certain  global                                                               
banks  against Arctic  production and  opined that  every project                                                               
should be evaluated  on its own merits. He added  that on its own                                                               
merits, Qilak LNG will produce  conventional gas and require very                                                               
little  infrastructure. He  acknowledged that  a couple  of banks                                                               
were not  interested, but there  has been no  appreciable problem                                                               
with redlining.                                                                                                                 
SENATOR  VON  IMHOF asked  if  the  investment  in Yamal  LNG  is                                                               
comparable to  Qilak LNG  projections and if  they are  getting a                                                               
CHAIR  REVAK asked  him to  begin his  response with  information                                                               
about how long Yamal LNG has been operating.                                                                                    
3:47:57 PM                                                                                                                    
MR.  TREADWLL  responded  that  project  was  heavily  subsidized                                                               
initially with the icebreakers and  it probably was not needed in                                                               
the second  round. He  noted that  the anticipated  production is                                                               
equivalent to 5 or 6 of  the AGDC pipelines or 25 Qilak projects.                                                               
He offered his belief that  Qilak can beat them on transportation                                                               
economics,  distance,  greenhouse  gas emissions,  security,  and                                                               
diversity. He deferred the question  about the specific economics                                                               
of Jamal LNG to David Clark.                                                                                                    
3:49:33 PM                                                                                                                    
DAVID  CLARK,  Chief  Operating Officer,  Qilak  LNG,  Anchorage,                                                               
Alaska,  stated  the  economics  on phase  one  is  difficult  to                                                               
project  because  the  Russian  government  subsidized  the  port                                                               
development,  but  the intention  on  the  second project  is  to                                                               
expand  LNG  production  to  60-80  million  tons  per  year.  He                                                               
described the Qilak project as very competitive.                                                                                
SENATOR MICCICHE asked how the  project competes with traditional                                                               
tidewater producers.                                                                                                            
MR.  TREADWELL  replied  Alaska  has  a  better  climate,  better                                                               
transportation,  no competing  gas prices  at the  well head,  no                                                               
Panama Canal to contend with,  and the overall cost of production                                                               
is competitive with  other supplies. Qatar and  Russia are trying                                                               
to expand market share and this  last week the U.S. broke its own                                                               
export record.  He offered his  belief that Qilak  is competitive                                                               
in that marketplace and the buyers indicate the same.                                                                           
3:53:17 PM                                                                                                                    
SENATOR  VON IMHOF  offered her  understanding that  even if  the                                                               
State of  Alaska does not invest  in the Qilak project,  it still                                                               
makes money in its royalty-in-kind or royalty returns.                                                                          
MR. TREADWELL answered that is correct.                                                                                         
SENATOR VON IMHOF  asked what Qilak LNG needs from  the state for                                                               
the  project to  move forward  if there  are investors  that deem                                                               
Alaska's gas as viable and competitive.                                                                                         
MR. TREADWELL  replied state attention  will be important  in the                                                               
royalty discussions, and the ability  for Alaskans to own a piece                                                               
of the  project through AIDEA  financing could be helpful  as the                                                               
company  goes for  global financing.  The intention  today is  to                                                               
update  the   committee  on  Qilak's   efforts  and   enlist  the                                                               
legislature's moral support.                                                                                                    
3:55:10 PM                                                                                                                    
SENATOR  BISHOP  suggested  that  if and  when  he  returns  with                                                               
financial requests, he  should be prepared to talk  about how the                                                               
company will engage  with Alaska contractors and  Alaska labor to                                                               
build the project.                                                                                                              
MR.  TREADWELL confirmed  that he  would be  happy to  do so.  He                                                               
added that  the focus now is  to pioneer a competitive  way to do                                                               
direct  export.  It  will  be  Alaskans  operating  the  project.                                                               
Negotiations are  underway with a  shipping company to  work with                                                               
Alaskans  as joint  venture  partners. It  is  important for  the                                                               
North Slope Borough to be  involved as the conditioning plant and                                                               
pipeline will  likely have an  ad valorem tax component.  He said                                                               
it would help  if the legislature were to urge  the Alaska Energy                                                               
Authority to redo its studies  on local gas distribution with ISO                                                               
containers. He  committed to do  everything possible to  make gas                                                               
available for distribution in Alaska.                                                                                           
3:57:17 PM                                                                                                                    
SENATOR MICCICHE said  he looks forward to  the fiscal comparison                                                               
with the  tidewater producers. He  asked if the economics  of the                                                               
project are  based partially on coastal  tanker distribution like                                                               
what  occurs  in  Japan  and  Norway  or  primarily  on  mainline                                                               
MR.  TREADWELL  answered  the  company   is  talking  with  three                                                               
entities in  Japan that  are following  a national  plan to  be a                                                               
transshipper of energy to other  Asian ports. To the question, he                                                               
said the  closest port would  be Japan, northern Korea,  or China                                                               
with transship smaller tankers for markets beyond.                                                                              
3:59:24 PM                                                                                                                    
CHAIR REVAK thanked him for the presentation.                                                                                   
^ Overview of the Alaska LNG Project                                                                                            
               Overview of the Alaska LNG Project                                                                           
3:59:41 PM                                                                                                                    
CHAIR  REVAK announced  the next  order  of business  would be  a                                                               
presentation from Frank Richards on the Alaska LNG Project.                                                                     
3:59:48 PM                                                                                                                    
FRANK   RICHARDS,    President,   Alaska    Gasline   Development                                                               
Corporation  (AGDC), Anchorage,  Alaska,  began the  presentation                                                               
explaining that AGDC was created  by the Alaska State Legislature                                                               
with the  goal to  maximize the benefit  of Alaska's  North Slope                                                               
natural gas  resources through  development of  infrastructure to                                                               
move gas to local and international markets.                                                                                    
MR. RICHARDS reviewed the history of AGDC paraphrasing slide 3.                                                                 
        • 2010 - HB 369 instructed AHFC to conduct a pre-                                                                       
          feasibility  study of  a  small diameter  pipeline                                                                    
          from  the  North  Slope to  Fairbanks  and  south-                                                                    
          central Alaska.                                                                                                       
        • 2013 - HB 4 created the Alaska Gasline                                                                                
          Development  Corporation   (AGDC)  in   AS  31.25,                                                                    
          giving  broad powers  and funding  to advance  the                                                                    
         Alaska Stand Alone Pipeline Project ("ASAP").                                                                          
        • 2014 - SB 138 gave AGDC authority to represent                                                                        
          the  SOA  in  the   LNG  terminal  of  the  Alaska                                                                    
         Liquefied Natural Gas Project ("Alaska LNG").                                                                          
        • 2016 - State of Alaska bought out Trans Canada                                                                        
          and AGDC was  granted the entire 25%  SOA share in                                                                    
        • 2016 - Pre-Front End Engineering and Design                                                                           
          ("Pre-FEED")  was  completed  and  the  Producers,                                                                    
          based  upon  the  economics  resulting  from  that                                                                    
          work,  stepped aside  to  allow  AGDC to  continue                                                                    
          working the project.                                                                                                  
        • 2017 - AGDC assumed 100% ownership of Alaska LNG                                                                      
        • 2020 - FERC granted AGDC authorization to                                                                             
          construct Alaska LNG Project.                                                                                         
4:02:04 PM                                                                                                                    
MR. RICHARDS directed  attention to the flowchart on  slide 4 and                                                               
explained that in early 2020  AGDC's board of directors asked for                                                               
a review of  the Wood Mackenzie work in 2016  that identified the                                                               
Alaska LNG Project  as uneconomic due to cost and  develop a plan                                                               
going  forward. The  corporation  developed a  strategic plan  to                                                               
look  at the  competitiveness  of  the project  and  the ways  to                                                               
reduce the  overall cost of  supply as well  as ways to  move the                                                               
project forward  by returning to private  sector led development.                                                               
In   2018  Governor   Dunleavy  gave   clear  direction   to  the                                                               
corporation to bring  the private sector back  to development and                                                               
oversight of the project.                                                                                                       
MR. RICHARDS  stated that the  proposed structure of  the project                                                               
is based  on a  tolling model.  This is  very different  than the                                                               
equity model originally  envisioned by the producers  or the debt                                                               
for  equity  model  proposed  by   former  Governor  Walker.  The                                                               
proposed commercial  structure of  the project  is non-integrated                                                               
to attract a  range of investors who will  focus their investment                                                               
in specific  asset classes  and risk  return profiles.  This will                                                               
allow the gas  treatment plant and pipeline to  be established as                                                               
tolling facilities, which is in  line with the guidance from Wood                                                               
Mackenzie   in   2016.    Companies   with   specific   technical                                                               
capabilities may be attracted to  the project without exposure to                                                               
risk of other  components of the project.  Pipeline companies can                                                               
focus on  the pipeline  while energy companies  can focus  on the                                                               
LNG plant.  This is similar  to the  Gulf of Mexico  LNG project,                                                               
and  the  project  LNG  Canada  is  pursuing  that  has  separate                                                               
investors for the pipeline and LNG plant.                                                                                       
4:04:24 PM                                                                                                                    
MR.  RICHARDS  reviewed  the  summary of  the  alignment  of  the                                                               
strategic parties that appears on slide 6:                                                                                      
        • Advancing the structure and leadership of the                                                                         
         project with Strategic Parties consisting of:                                                                          
             - North Slope producers                                                                                            
             - A major pipeline developer                                                                                       
             - LNG buyers                                                                                                       
             - Banks and financial corporations                                                                                 
        • These parties have the technical and financial                                                                        
         capacity to bring this project to completion.                                                                          
        • Strategic parties   have   a   combined   market                                                                      
          capitalization of $1.25 trillion.                                                                                     
        • New potential strategic parties with significant                                                                      
          market capitalization have approached AGDC.                                                                           
MR. RICHARDS explained that the  work over the last several years                                                               
included  identifying strategies  to reduce  the overall  cost of                                                               
the project  $8.5 billion  to bring the  total installed  cost to                                                               
$38.7  billion. This  allowed  the project  to  move through  the                                                               
economic stage gate  to advance to the entry into  the feed gate.                                                               
The  project  has  received  the   necessary  approval  from  the                                                               
Department of  Energy to  ship to both  Free Trade  Agreement and                                                               
Non-Free  Trade  Agreement  countries.  This means  there  is  no                                                               
limitation on  the sale of the  LNG in Asian markets.  Along with                                                               
the  Federal   Energy  Regulatory  authorization  to   build  the                                                               
facilities, the  Alaska Oil and Gas  Conservation Commission gave                                                               
offtake approval  for up  to 3.6  Bcf/day of  gas from  the North                                                               
Slope. The corporation is also  continuing to engage with and ask                                                               
for  support  from both  the  state  and federal  governments  to                                                               
advance the project and make it more viable into the future.                                                                    
MR. RICHARDS  stated that the  corporation has good  support from                                                               
Point  Thomson  Unit  operators  as   well  as  the  Prudhoe  Bay                                                               
operators  and  has agreed  upon  indicative  terms for  the  gas                                                               
supply. Consideration  is given for these  parties to participate                                                               
in  the gas  treatment  plant  as both  owners  and operators.  A                                                               
leading   North  American   pipeline   company   has  agreed   to                                                               
participate,  and there  is strong  interest from  infrastructure                                                               
banks to promote  the tolling strategy. The  corporation has also                                                               
had continuing discussions with  Asian markets about offtake from                                                               
Alaska.  A final  component of  the  world-class partnership  the                                                               
corporation is  building is a  project lead for  the liquefaction                                                               
facility.  The  corporation  has  been  talking  to  leading  LNG                                                               
operators around the world to stimulate interest.                                                                               
4:08:12 PM                                                                                                                    
MR. RICHARDS turned  to slide 9 that provides an  overview of the                                                               
Alaska LNG Project.  He explained the project  will utilize about                                                               
34  trillion cubic  feet (Tcf)  of produced  conventional natural                                                               
gas resources from Point Thomson  and Prudhoe Bay. The gas stream                                                               
will be  combined at  Prudhoe Bay where  it will  be conditioned.                                                               
The CO  will be extracted and reinjected  into the reservoir, not                                                               
released  into the  atmosphere. The  gas  will pass  into an  807                                                               
mile, 3.3 Bcf/day,  pipeline and flow to tidewater  in Nikiski. A                                                               
20 million ton  per year liquefaction facility  and loading berth                                                               
will be built in Nikiski to  accommodate two cargo ships daily to                                                               
ship the offtake  to Asian markets. He noted that  the Alaska LNG                                                               
project meets low carbon LNG  standards because it utilizes power                                                               
generated from hydroelectric facilities to power the plant.                                                                     
4:10:23 PM                                                                                                                    
MR.  RICHARDS  reported  that  in 2020  the  Alaska  LNG  Project                                                               
concluded  its   work  with  the  regulatory   entities  and  was                                                               
designated  a FAST-41  project, meaning  it could  meet schedules                                                               
designated  by  federal  agencies.  In  2020  AGDC  received  all                                                               
federal permits  including the EIS,  FERC order, 404  permit, EPA                                                               
401  certification, incidental  take regulations,  and incidental                                                               
harassment  authorization  for  protected  marine  species.  With                                                               
receipt of the state right of  way, the project has 90 percent of                                                               
the rights of  way in hand for the gas  conditioning facility and                                                               
MR.  RICHARDS paraphrased  the cost  reduction  work outlined  on                                                               
slide 11, which read as follows:                                                                                                
        • AGDC analyzed and updated the total capital and                                                                       
          operating  cost projections  of the  AKLNG project                                                                    
          from the 2015 Joint Venture Agreement estimates.                                                                      
        • AGDC worked with senior engineers and project                                                                         
          management  professionals from  BP and  ExxonMobil                                                                    
          to  review original  cost estimates  and concluded                                                                    
          that, with  changes in  the industry,  costs could                                                                    
          be reduced significantly.                                                                                             
        • AGDC contracted with Fluor Corporation to                                                                             
          evaluate cost  reduction opportunities  and update                                                                    
          the Class 4 Cost Estimate.                                                                                            
        • Updated Class 4 Cost Estimate with input into                                                                         
          project economic  model developed with  input from                                                                    
          BP, ExxonMobil, DOR, and an investment bank.                                                                          
        • Outcome was decision by Board of Directors that                                                                       
          Alaska   LNG    Project   is    commercially   and                                                                    
          technically viable.                                                                                                   
He said  the foregoing work  validated that the $38.7  billion is                                                               
representative of the cost to bring the project forward.                                                                        
4:12:42 PM                                                                                                                    
MR. RICHARDS  displayed the bar graph  on slide 12 that  shows in                                                               
[2015]  the cost  estimate of  Alaska LNG  delivered to  Asia was                                                               
about $12  per million Btu  (MMBtu). With the cost  estimates and                                                               
optimizations  described  earlier,  the cost  estimate  is  about                                                               
$7.40/MMBtu.  This is  in the  middle of  the competitive  field.                                                               
Noting that  the Qatar Expansion  is the lowest cost  project and                                                               
would  be hard  to  beat, he  opined that  the  efforts AGDC  has                                                               
undertaken to reduce  costs is indicative of  the opportunity for                                                               
Alaska and private  sector parties to market and  move the Alaska                                                               
LNG Project forward.                                                                                                            
He  offered  his belief  that  there  were  ways to  continue  to                                                               
optimize the project to make it  more economic. He pointed to the                                                               
waterfall chart  on slide  13 that  identifies variables  such as                                                               
the cost  of the  gas at the  wellhead, federal  loan guarantees,                                                               
property tax or  payment in lieu of taxes (PILT),  and other cost                                                               
optimizations  regarding plan  development. To  achieve this,  it                                                               
will take  work from  the administration  and the  legislature to                                                               
discuss PILT and  fiscal stability. He agreed  with Mr. Treadwell                                                               
that  the state  needs a  stable fiscal  regime so  any potential                                                               
investors  know the  tax  structure will  not  change. The  other                                                               
factor is  that Alaska is an  order of magnitude higher  than any                                                               
other  jurisdiction for  property  taxes or  payment  in lieu  of                                                               
taxes.  For  example,  Alaska  is  about  15  times  higher  than                                                               
jurisdictions  in Louisiana  and  Texas are  paying for  property                                                               
taxes for gas  plants. Alaska has the opportunity  to make itself                                                               
more competitive by  identifying ways to lower  property taxes as                                                               
well as providing ownership opportunities  to boroughs in lieu of                                                               
the  tax rates.  He  added  that since  AGDC  currently owns  100                                                               
percent of the  Alaska LNG Project, the state needs  to decide by                                                               
what  percentage  that ownership  should  be  diluted by  private                                                               
sector investment.                                                                                                              
4:16:42 PM                                                                                                                    
MR. RICHARDS explained  that the line chart on  slide 15 reflects                                                               
what  happened  to  LNG  prices   because  of  COVID-19.  At  the                                                               
beginning of the  pandemic in 2020, the spot market  range of LNG                                                               
was $2 to $3. When winter came  on the price in Asia jumped about                                                               
15 times  to about  $35/MMBtu and  then settled in  the $5  to $6                                                               
range.  He commented  that  companies  that had  gas  to sell  in                                                               
January made a significant amount of money.                                                                                     
MR.  RICHARDS  turned to  the  chart  by Global  Strategies  that                                                               
projects global  LNG supply and  demand from 2020 to  2050 should                                                               
decarbonization  initiatives be  put  in place.  The orange  line                                                               
shows  partial  transition  because  of a  slight  delay  in  the                                                               
decarbonization  efforts. The  purple  line reflects  a delay  of                                                               
about 10 years to shift from  coal to LNG or ultimately hydrogen.                                                               
the blue  line shows  a potential  peak of  LNG at  about 800-900                                                               
million tons  per year (Mt/year)  and then a  potential reduction                                                               
due  to the  creation of  a hydrogen  fuel and  hydrogen delivery                                                               
mechanism to  meet demand. He said  this is the first  time we've                                                               
seen the  potential that if  Alaska's natural gas is  not brought                                                               
to market until 2050 or 2060, it may not be brought to market.                                                                  
4:19:12 PM                                                                                                                    
MR.   RICHARDS   highlighted   some  of   the   realities   about                                                               
decarburization  that ensure  that LNG  will continue  to play  a                                                               
role as a bridge fuel for the next several decades:                                                                             
        • On February 8th, the Department of Energy                                                                             
          projected that coal and natural gas will still                                                                        
          contribute nearly 40% of U.S. electricity                                                                             
          generation in 2050.                                                                                                   
        • Wind and solar power energy sources will increase                                                                     
          but they aren't ready to meet the huge demand for                                                                     
          electricity without fossil fuels and nuclear                                                                          
          power in the mix.                                                                                                     
        • China is the world's biggest polluter, generating                                                                     
          28% of the planet's yearly carbon dioxide                                                                             
MR. RICHARDS offered his perspective  that the Alaska LNG Project                                                               
will have significant  positive effects on Alaska  for decades to                                                               
come.  It  could  provide  an  outlet  for  associated  gas  from                                                               
potential oil  finds on the  North Slope, which would  reduce the                                                               
overall risk  for those  operations. The  state can  monetize the                                                               
tremendous resources  on the  North Slope  to help  the treasury.                                                               
Construction  and  long term  operation  of  these projects  will                                                               
provide high paying private sector  jobs well into the future. He                                                               
projected that  AGDC will  be able to  provide cleaner  energy to                                                               
Alaskans  along the  pipeline route  and potentially  to isolated                                                               
villages either down the river  system or through ISO containers.                                                               
He opined  that in  the future  there is  the potential  for blue                                                               
hydrogen  production from  natural  gas, and  the  basin in  Cook                                                               
Inlet would fit hand-in-hand as  a potential carbon sequestration                                                               
4:21:48 PM                                                                                                                    
MR. RICHARDS  mentioned the impacts  COVID-19 had on  the Alaskan                                                               
economy  and  related that  AGDC  talked  with Governor  Dunleavy                                                               
about  potentially  phasing the  Alaska  LNG  Project to  provide                                                               
lower cost  and cleaner  energy to  the Interior.  Developing the                                                               
gasline  from Point  Thomson to  Fairbanks  as an  infrastructure                                                               
project could take  advantage of federal stimulus  funds and help                                                               
the state move toward economic recovery.                                                                                        
He reviewed the positive effects  this first phase infrastructure                                                               
project could have on the Alaska economy:                                                                                       
        • Potential to attract stimulus and private funding                                                                     
         to quickly create jobs and revitalize Alaska.                                                                          
        • Phase One opportunity: $5.9 billion clean energy                                                                      
          infrastructure initiative.                                                                                            
        • Immediately ignites our economy, put thousands of                                                                     
          Alaskans back to work.                                                                                                
        • Resolves longstanding climate, pollution, and                                                                         
          energy problems affecting rural and urban                                                                             
        • Alaska LNG is unique; the project has major                                                                           
         permits required to start Phase One work now.                                                                          
4:24:21 PM                                                                                                                    
MR.  RICHARDS stated  that the  map on  slide 22  identifies that                                                               
phase  one is  a  pipeline  project. It  uses  Point Thomson  gas                                                               
initially  because  it does  not  need  as much  conditioning  to                                                               
remove the  CO.  It flows  into the 32  inch, above  ground Point                                                               
Thomson transmission line  to a future gas  treatment plant, then                                                               
through the 42 inch mainline  to Fairbanks. He said the estimated                                                               
cost  is  $5.9 billion  and  the  project could  proceed  quickly                                                               
because the  designs and  authorizations to  move forward  are in                                                               
place. Importantly,  this would significantly reduce  the risk of                                                               
the full-scale  Alaska LNG  Project. AGDC  would be  working with                                                               
the private sector to develop and execute the project.                                                                          
4:25:07 PM                                                                                                                    
MR.  RICHARDS reviewed  the directives  in the  (2014) Letter  of                                                               
Intent for Senate Bill 138:                                                                                                     
        • Employ Alaska residents and contract with Alaska                                                                      
          businesses  to  the  extent  they  are  qualified,                                                                    
          available, ready, willing, and cost competitive.                                                                      
        • Use, as far as practicable, job centers and                                                                           
          associated services operated  by the Department of                                                                    
          Labor and Workforce Development.                                                                                      
        • Participate with the Department of Labor and                                                                          
          Workforce Development to  update the training plan                                                                    
          for   an  LNG   export   project  including   main                                                                    
        • Advertise for available positions locally and                                                                         
          use,  as far  as practicable,  Alaska job  service                                                                    
          organizations to notify the Alaska public.                                                                            
        • Work with the Department of Labor and Workforce                                                                       
          Development  and  other organizations  to  provide                                                                    
MR.   RICHARDS  highlighted   the  potential   economic  stimulus                                                               
associated with immediately starting phase one:                                                                                 
        • Propels a near-term economic recovery for Alaska:                                                                     
           • $1.5 billion impact in first 24 months                                                                             
             • 1,400+ high-paying direct jobs                                                                                   
             • 20,000+ indirect jobs                                                                                            
        • Immediate  benefit   to    hardest-hit   service                                                                      
          industries     (e.g.,     restaurants,     hotels,                                                                    
          transportation, warehousing, etc.).                                                                                   
        • Delivers natural gas to Interior Alaska in 2025.                                                                      
        • Private sector leadership:                                                                                            
             • Build and operate                                                                                                
             • Invest capital in  ownership  depending  on                                                                      
               level   of   Federal   infrastructure   funds                                                                    
               available to Alaska                                                                                              
        • Will significantly decrease gas supply costs.                                                                         
             • 75% Federal  infrastructure   support:  $15                                                                      
             • 100% Federal  infrastructure   support:  $5                                                                      
        • Will provide cleaner air.                                                                                             
             • Some of the worst air quality in the nation.                                                                     
             • Bring relief    to   residents    with   no                                                                      
               alternative to diesel or wood.                                                                                   
        • Will boost military readiness and efforts to                                                                          
          alleviate climate impacts.                                                                                            
        • Will reduce costs for producing minerals.                                                                             
4:27:47 PM                                                                                                                    
MR.  RICHARDS emphasized  the need  to balance  environmental and                                                               
energy needs as the nation  shifts to renewable sources of power.                                                               
He quoted excerpts  from an article published  by the Progressive                                                               
Policy Institute that support that perspective:                                                                                 
     "Natural  gas  will  play   an  indispensable  role  in                                                                    
     managing   the  risk   that  a   precipitous  leap   to                                                                    
     renewables  will make  electricity  more expensive  and                                                                    
     potentially less reliable."                                                                                                
     "Political  debate  around  energy and  climate  policy                                                                    
     often presents  Americans with  a false  choice between                                                                    
     natural  gas  and  renewable  energy      the  two  are                                                                    
4:28:31 PM                                                                                                                    
MR. RICHARDS highlighted the opportunities associated with                                                                      
utilizing   federal   stimulus   funds    for   the   phase   one                                                               
infrastructure project:                                                                                                         
        • Fund the project alongside private sector Lead                                                                        
             • Owner Builder Operator (OBO)  would  invest                                                                      
             • OBO to receive minimum return ahead  of any                                                                      
               State payback.                                                                                                   
             • Gas is delivered to Fairbanks for $5 -                                                                           
               $15/MMBtu      depending      on      Federal                                                                    
               infrastructure funding.                                                                                          
        • Significantly de-risks Alaska LNG.                                                                                    
        • Once Alaska LNG is sanctioned by investors, gas                                                                       
          prices normalize to under $5/MMBtu in Interior                                                                        
          and Southcentral Alaska.                                                                                              
        • The Alaska LNG project final phase will bring                                                                         
          additional job creation.                                                                                              
        • Alaska  LNG's     clean-energy    infrastructure                                                                      
          positions Alaska to remain a major energy                                                                             
          exporter far into the future by exporting LNG and                                                                     
          eventually hydrogen.                                                                                                  
MR.  RICHARDS  reported that  AGDC  is  working with  the  Alaska                                                               
Congressional   Delegation,   the   Biden   Administration,   and                                                               
leadership  in  Congress  to  demonstrate   that  Alaska  has  an                                                               
infrastructure   project   that   could  provide   for   economic                                                               
opportunities nationwide. Alaska would  benefit from the pipeline                                                               
but  the materials  for  the  project would  come  from Lower  48                                                               
factories and heavy equipment manufacturers.                                                                                    
4:30:00 PM                                                                                                                    
MR. RICHARDS reviewed  the AGDC component in  the Governor's FY22                                                               
budget proposal:                                                                                                                
        • FY22 Operating Budget:                                                                                                
             • No new capitalization needed                                                                                     
             • $3,081,600 authorization                                                                                         
               - 10% reduction from FY21                                                                                        
               - Authorizes use of funds from Alaska LNG                                                                        
                  Project Fund                                                                                                  
             • Future funding sources                                                                                           
               - Statutory Designated Program Receipts                                                                          
                  • $50,000,000 (private sector funds)                                                                          
               - Federal Receipt Authority                                                                                      
                  • Economic Stimulus/Infrastructure Funds                                                                      
        • AGDC will continue to:                                                                                                
             • Advance Alaska LNG Project towards FEED                                                                          
               Stage Gate.                                                                                                      
             • Transition leadership to private sector lead                                                                     
             • Maintain maximum value of State of Alaska                                                                        
             • Work with state and federal entities on                                                                          
               additional ways to optimize.                                                                                     
MR. RICHARDS  concluded the presentation saying  the foregoing is                                                               
a quick overview of AGDC's work  over the last year on the Alaska                                                               
LNG Project.                                                                                                                    
4:30:47 PM                                                                                                                    
SENATOR  VON  IMHOF  asked  why he  was  confident  that  federal                                                               
stimulus  funds would  be authorized  for this  project when  the                                                               
Biden Administration recently cancelled the Keystone Pipeline.                                                                  
MR. RICHARDS  replied it will be  an uphill battle but  the funds                                                               
certainly would  not be  available if they  didn't march  up that                                                               
hill. It's  an opportunity to  put Alaskans  back to work  in the                                                               
near term.                                                                                                                      
4:31:57 PM                                                                                                                    
SENATOR MICCICHE  pointed out that  a real threat to  the project                                                               
is  that   the  current  administration   has  people   who  have                                                               
intervened  in  the  permitting  of every  natural  gas  and  LNG                                                               
project in the last 20 years.                                                                                                   
MR.  RICHARDS replied  it  is  an excellent  point  but they  are                                                               
trying  to  identify  the  project as  an  opportunity  to  build                                                               
critical infrastructure for Alaska.  He acknowledged that it does                                                               
not  fit  within the  green  energy  goal,  but it  does  provide                                                               
opportunities  to  improve  air   quality  around  Fairbanks  and                                                               
provide cleaner  energy to villages  that are reliant  on diesel.                                                               
The potential  in the second  phase to use methane  molecules for                                                               
blue hydrogen production is also worthy of consideration.                                                                       
4:34:48 PM                                                                                                                    
SENATOR MICCICHE asked if he  was envisioning a parallel path for                                                               
private investment in  the second phase that could  happen at the                                                               
same time as  the first phase because it is  difficult to look at                                                               
the economics  of the  first phase  if the  second phase  isn't a                                                               
MR.  RICHARDS  confirmed  that  phase  one  is  not  an  economic                                                               
standalone project. Rather,  it is the initial phase  of the full                                                               
scale  Alaska  LNG  Project  that is  envisioned  to  proceed  in                                                               
4:37:27 PM                                                                                                                    
SENATOR  KAWASAKI  highlighted  that  the  need  for  lower  cost                                                               
cleaner energy  is not only  for the residential market  but also                                                               
for the multiple military installations in the state.                                                                           
SENATOR KAWASAKI pointed out that  the pipeline is actually about                                                               
70 miles  west of  Fairbanks and  a lateral  line is  supposed to                                                               
reach  into Fairbanks.  He  asked  if the  lateral  line and  gas                                                               
treatment plant ARE part of the $5.9 billion estimate.                                                                          
4:38:42 PM                                                                                                                    
MR. RICHARDS  answered that  the main  fuel line  terminates near                                                               
the  Chatanika  River  about  30 miles  west  of  Fairbanks.  The                                                               
lateral 12-inch  line is a sufficient  size to meet the  needs in                                                               
Fairbanks  and the  private sector  will have  an opportunity  to                                                               
develop   that.  It   is   not  included   in   the  Alaska   LNG                                                               
authorizations so it was not included in the original request.                                                                  
4:40:09 PM                                                                                                                    
CHAIR REVAK  referenced the graph  on slide 12 that  compares the                                                               
competitiveness of Alaska LNG in  2015 and 2021 compared to other                                                               
jurisdictions around to  world. He said he supports  the idea and                                                               
potential for  lower cost energy  and jobs, but he  worries about                                                               
how competitive the project might  be and therefore the risk that                                                               
the state  might be subsidizing the  gas in the future.  He asked                                                               
if it would be possible to get an updated competitive analysis.                                                                 
MR. RICHARDS  replied the chart is  up to date. The  first bar on                                                               
the left  reflects the  cost of  supply in  2015 dollars  but the                                                               
rest  of the  bars reflect  2020  dollars. The  Alaska LNG  (2021                                                               
unoptimized) price is based on  cost reductions from 44.3 in 2015                                                               
dollars  to 38.7  in 2021  dollars. This  was the  economic stage                                                               
gate they went  through with the AGDC Board of  Directors to show                                                               
the potential for a competitive  project midway between the other                                                               
12 jurisdictions.  He acknowledged that it  would take additional                                                               
work,  opportunities, and  optimizations to  be competitive  with                                                               
the lower  cost projects. This entails  discussions about payment                                                               
in lieu  of taxes, federal  loan guarantees  currently available,                                                               
and additional optimization to the construction and operations.                                                                 
Responding to the  question about risk to the state,  he said the                                                               
state  has to  decide the  percentage  of ownership  it wants  to                                                               
retain for  this project. If the  decision is for the  project to                                                               
be 100 percent  private, the only risk to the  state would be the                                                               
tax revenues if it did not go forward.                                                                                          
4:43:40 PM                                                                                                                    
CHAIR REVAK thanked him for the presentation.                                                                                   
^USIBELLI COAL                                                                                                                  
                         USIBELLI COAL                                                                                      
4:43:58 PM                                                                                                                    
CHAIR REVAK  announced the  final order of  business would  be to                                                               
hear from Lorali Simon with Usibelli Coal.                                                                                      
4:44:11 PM                                                                                                                    
LORALI SIMON,  Vice President of External  Affairs, Usibelli Coal                                                               
Mine,  Fairbanks,  Alaska,  encouraged   Alaskans  to  visit  the                                                               
company's  website  at  usibelli.com for  more  information.  She                                                               
reported that  Usibelli provides coal  to six powerplants  in the                                                               
Interior. Without this coal, annual  energy costs for the 100,000                                                               
people  in the  area  would  be $140  million  higher, and  these                                                               
ratepayers  are already  paying among  the highest  rates in  the                                                               
MS. SIMON advised that she could  comment on what she heard today                                                               
and set  the record straight  when necessary. She  referenced the                                                               
statement on  slide 9  of Mr.  Richard's presentation  that says,                                                               
"Gas  will meet  the  needs  of local  markets,  reducing use  of                                                               
highly polluting fuels in interior Alaska."                                                                                     
She  questioned how  realistic it  is to  say that  coal will  be                                                               
replaced by  natural gas  in Interior  Alaska when  Fairbanks and                                                               
adjacent communities rely  on coal for about 30  percent of their                                                               
energy  needs and  there is  no ready  alternative. She  said the                                                               
Alaska LNG  Project is not viable  without significant government                                                               
subsidy and AGDC acknowledges that on slide 20.                                                                                 
4:46:03 PM                                                                                                                    
MS.  SIMON stated  that numerous  air quality  monitoring studies                                                               
have disproved the  claim that the particulate  matter (PM) issue                                                               
in  Fairbanks  comes  from powerplants.  She  said  environmental                                                               
regulators  agree that  the best  way to  improve air  quality in                                                               
Fairbanks is  for homeowners who  rely on  wood for heat  to burn                                                               
dry  firewood.  To  that  end,  a wood  kiln  that  provides  dry                                                               
firewood is now operating in the community.                                                                                     
She  cited  slide  25  of  the AGDC  presentation  and  said  the                                                               
implication is  that the  military will  benefit from  the Alaska                                                               
LNG  Project. However,  Eielson Air  Force Base  recently rebuilt                                                               
its coal-fired  boilers and  an EIS process  is underway  at Fort                                                               
Wainwright.  She said  these military  bases have  enjoyed energy                                                               
security from coal  for decades, and switching  to an alternative                                                               
fuel would  result in massive  cost increases. The  University of                                                               
Alaska,  Fairbanks  foresaw  and  avoided these  price  hikes  by                                                               
continuing   to  use   coal.   Additionally,  Governor   Dunleavy                                                               
identified the  draft EIS  at Fort  Wainwright as  inadequate and                                                               
questioned  switching from  coal citing  the negative  impacts on                                                               
ratepayers in the area, Doyon,  Limited and its shareholders, and                                                               
the private sector jobs that Usibelli provides.                                                                                 
4:47:25 PM                                                                                                                    
MS. SIMON  observed that slides 20  and 21 infer that  the Alaska                                                               
LNG Project will help meet  the Biden Administration's low carbon                                                               
initiatives. However,  President Biden does not  consider natural                                                               
gas resources and building gas pipelines  as a way to achieve his                                                               
zero  carbon initiatives.  In fact,  President  Biden has  issued                                                               
numerous Executive Orders to stop  further development of natural                                                               
gas  resources,   including  pipelines.  As  Senator   von  Imhof                                                               
mentioned, he halted the Keystone  Pipeline, and he also issued a                                                               
moratorium  on all  federal  activities related  to  oil and  gas                                                               
leasing  on the  Coastal Plain  of the  Arctic National  Wildlife                                                               
Refuge (ANWR).                                                                                                                  
MS.  SIMON  concluded  that   some  gas  developers  consistently                                                               
discount the  role and value  of coal plants in  Interior Alaska.                                                               
She suggested that  the focus instead should  be on technological                                                               
innovation  to help  reduce emissions  as  well as  the cost  and                                                               
benefits to public health, the environment, and the economy.                                                                    
She  invited the  committee to  attend  the Resource  Development                                                               
Council  meeting  on  April  1 to  hear  a  presentation  titled,                                                               
"Hidden in Plain Sight, Alaska's Energy Solution."                                                                              
4:49:07 PM                                                                                                                    
SENATOR BISHOP  commented that  the some  years ago  the National                                                               
Park Service issued  a report on air quality  and Denali National                                                               
Park was found  to have the cleanest air of  any national park in                                                               
the nation. It is about 30 miles from a coal fired powerplant.                                                                  
4:49:35 PM                                                                                                                    
CHAIR REVAK thanked Ms. Simon for the presentation.                                                                             
4:50:23 PM                                                                                                                    
There being  no further  business to  come before  the committee,                                                               
Chair  Revak adjourned  the Senate  Resources Standing  Committee                                                               
meeting at 4:50 p.m.                                                                                                            

Document Name Date/Time Subjects
SRES Qilak LNG- Mead Treadwell Testimony 3.22.21.pdf SRES 3/22/2021 3:30:00 PM
SRES Qilak LNG Presentation 3.22.21.pdf SRES 3/22/2021 3:30:00 PM
Qilak LNG Project
SRES AGDC Alaska LNG Project Update Presentation 3.22.21.pdf SRES 3/22/2021 3:30:00 PM
Alaska Gas Line Development (AGDC) Project Update