BP In Talks On Potential US Gas Exports

Date : 07/31/2012 @ 8:10AM
Source : Dow Jones News
Stock : Exxon Mobil Corp. (XOM)
Quote : 81.55  -0.2 (-0.24%) @ 4:35PM

BP In Talks On Potential US Gas Exports

BP (NYSE:BP)
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LONDON--BP PLC (BP) is looking at ways to turn its U.S. natural gas into more valuable oil-linked products, including potentially exporting the fuel as liquefied natural gas, Chief Executive Bob Dudley said Tuesday.

"Our teams have looked at opportunities to monetize gas," said Mr. Dudley, confirming that BP was in talks on possibly investing in "brownfield export capacity" from North America.

With U.S. natural-gas prices falling to historic lows as new shale gas production techniques boost domestic supply, firms that have invested heavily in shale gas are trying to seek out uses for the hydrocarbon that delivers better profit margins.

Spot LNG prices in Asian countries like Japan are much higher than in the U.S., prompting a flurry of applications for the right to export some U.S. gas to the Far East.

Earlier this year, BP, Exxon Mobil Corp. (XOM) and ConocoPhillips (COP) reached an accord with the Alaskan state government to start producing natural gas at their Point Thomson development, a move that could pave the way for exports from the far north-west U.S. state to Asia.

Write to Alexis Flynn at alexis.flynn@dowjones.com

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