Canada offers to back Mackenzie gas project (AP) and Ahead of the Bell

Friday, Jan 23, 2009

"Canadasfederal government has offered financial support for the Mackenzie gaspipeline, a multibillion-dollar project that has been held back by regulatorydelays and cost overruns.

Jim Prentice, the federal minister in charge of pipelines,would not disclose Monday how much federal money is on the table, tellingreporters that formal negotiations are still under way.""Im not goingto negotiate through the media, but it is a reasonable offer weve putforward,"" said Prentice, who is also the federal environment minister.TheMackenzie Gas Project is a proposed 750-mile (1,200-kilometer) natural gaspipeline through the Mackenzie Valley of Canadas Northwest Territories toconnect a dozen potential northern onshore gas fields with North Americanmarkets.The government offer includes a contribution to infrastructure,including barge landings and airstrips, to make the remote Arctic region moreaccessible, as well as pre-construction costs.Ottawa would also share [Read thefull article]

NEW YORK (AP) -- Sharesof ConocoPhillips slipped in premarket trading Tuesday, the first trading dayafter the oil company announced that it would cut 4 percent of its work force,slash its capital spending by 18 percent and write off $34 billion in noncashassets due to falling energy prices.

Conoco Phillips, the third-largest U.S.oil company, after the market closed on Friday said it will lay off 1,300workers, the first announced job cuts by a major oil company.Shares fell $1.88,or 3.8 percent, to $47.50 ahead of market open.

Source: Financial News USA