BP, ConocoPhillips joint venture tout project

On Thursday, he tried to convince skeptical state lawmakers that the joint project is legitimate and on a progressive track this summer.

Fackrell, president of the joint venture, addressed them during a legislative hearing on Gov. Sarah Palin's gas line proposal.

Denali is a competing project to Palin's preferred choice, the one proposed by TransCanada Corp. under the state's Alaska Gasline Inducement Act.

Lawmakers have until Aug. 2 to support or reject Palin's recommendation to award TransCanada an exclusive license to TransCanada.

The joint venture came to the party late--about four months after TransCanada submitted its proposal under the AGIA guidelines--but some lawmakers say the project should not be dismissed.

Lawmakers backing the oil companies' effort say they favor this plan because it doesn't require the $500 million in seed money that would go to TransCanada Corp. along with the exclusive license to pursue federal permits.

Doubters say the Denali project sorely lacks details and information, and they wasted little time in questioning the company's intent.

"What I see from Denali is an awful lot of money spent on full-page ads describing a wonderful company who is going to make great opportunities for the state," said Rep. Carl Gatto, R-Wasilla. "I don't have any comfort at all in the ads.

"My feeling is that the public may be getting the exact same feeling, that they are splashy ads. They look good, but they have no substance to them. I want to see an action plan."