"The results of the open season will provide an understanding of shipper requirements, which will be important as we consider our next steps," said Bud Fackrell, president of Denali – The Alaska Gas Pipeline LLC. Subsidiaries of BP and ConocoPhillips own the joint venture and have already invested $130 million to advance the project over the past 20 months -- primarily in the areas of field work, engineering, and stakeholder engagement.

"Denali's open season will provide potential shippers the best opportunity to evaluate the economics of North Slope natural gas sales to the Lower 48 market," said Fackrell. "I expect that the quality and timing of our open season offering will be viewed positively in the marketplace."

Despite Denali's aim to hold a successful open season, Fackrell acknowledged that "issues outside of Denali's control" may discourage shippers from making the financial commitments necessary to support the project. "These issues include increased gas supply in the Lower 48 market, the legal status of Pt. Thomson leases, and the lack of a long term fiscal regime for North Slope gas production," he explained. "Our potential shippers have publicly indicated that resolution of these issues will be important in their decision to make the multi-billion dollar commitments necessary to move the project forward."