BP and Conoco will initially spend $600 million in the next three years to drum up support for the project, seek state and federal approval, and secure gas supplies for the pipeline.
Estimates for the amount of shale gas in the UK vary, but there could be enough to secure gas supplies for decades if not centuries.
In fact, it was Unocal's strength in gas (shipped as liquefied natural gas) that attracted the attention of CNOOC, which wants to secure gas supplies for China's booming economy.That points to the key to this deal: Asia.
"Our parent company Centrica does more than any other organisation to secure gas and power for British customers, with commitments totalling more than £60bn, and we can only shoulder responsibilities on this scale if we are a profitable business".
In the most recent incident, on Oct. 22, federal inspectors cited the company for failing to secure gas cylinders safely and for using defective equipment.
The Legislature, prodded by Ms. Palin, had just agreed to provide $500 million to a Canadian company to secure gas suppliers and apply for federal permits.
Shale gas supporters envisage plentiful, cheap and secure gas powering the UK for decades, while green campaigners attack its potential to harm local environments and, once burned, the global climate.
As you are aware, Azerbaijan's desire to conclude sales and purchase agreements for Shah Deniz Phase Two (SD2) gas with European customers has been held up for over a year by an inability to secure gas transit through Turkey.
Securing increased gas revenues is crucial for the Azerbaijani elite now that oil production has peaked.
Strengthening ties with Russia to secure natural gas supplies.
