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Pantheon Resources, Alaska LNG designer indication contract on gas sales

Pantheon Resources said on Tuesday it had actually signed an arrangement developing the terms for future sales of its gas to a system of statebacked Alaska Gasline Development Corporation.

Pantheon subsidiary Great Bear Pantheon entered the contract with a system of AGDC to detail essential commercial terms that will belong to a binding take-or-pay offer after AGDC makes a last financial investment choice (FID) on a suggested pipeline from Alaska's North Slope to its Southcentral region.

The pipeline FID is currently planned for the middle of 2025.

The contract information prepares for Pantheon to supply AGDC with as much as 500 million cubic feet daily of gas at an optimum cost of $1 per million British Thermal Systems (BTU) in current currency values, the business said. The arrangement will have an preliminary length of twenty years with the potential for extension beyond that, it added.

AGDC is a state-owned business establishing the Alaska LNG task, a federally approved liquefied natural gas (LNG) export plant that might export around 20 million metric lots of LNG per year beginning 2029. Development of the North Slope to Southcentral pipeline is the first phase of that task.

Pantheon is establishing the Ahpun and Kodiak fields in Alaska, which are estimated to hold close to 5 billion cubic feet of recoverable gas resources, according to the business.

A last gas sales agreement in between AGDC and Pantheon will depend on the companies making FIDs on both their respective jobs, Pantheon stated.