Just before Christmas, the Mackenzie gas project joint-venture participants announced a decision not to proceed with the project and to dissolve the joint venture.
"We recognize this is a disappointing day for the people of the North. This is a disappointment to Imperial and the other members of the joint venture, as well," stated Theresa Redburn, senior vice-president, commercial and corporate development at Imperial Resources Limited, in a news release.
Work on the project was initiated in 2000, but the project's participants determined that currently Mackenzie gas is not competitive with other sources of supply in North America.
The joint-venture participants in the project included Imperial Oil Resources Limited, ConocoPhillips Canada, ExxonMobil Canada and the Aboriginal Pipeline Group.