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By Edward Welsch Of DOW JONES NEWSWIRES CALGARY (Dow Jones)--TransCanada Corp. (TRP, TRP.T) received multiple bids from major shippers to participate in its proposed Alaska natural-gas pipeline project, though many came with conditions, the company's executive in charge of the project said Friday. The pipeline industry typically runs a bidding process called an "open season" to measure demand for a new pipeline before it's built, and many of the oil and gas producers that bid ask for conditions such as more favorable tolls or shifts to schedules. TransCanada's open season for the Alaska gas pipeline, a multi-billion dollar project that brings up to 4.5 billion cubic feet of natural gas per day to the U.S. and Canada from Alaska's North Slope, began in April and ended on Friday. TransCanada's vice president of Alaska development, Tony Palmer, declined to comment on the nature of the conditions, but said his company will review the shippers' requests and try to come to an agreement before moving forward with the project. TransCanada and it's partner in the project, Exxon Mobil Corp. (XOM), are competing against a rival Alaska gas pipeline project by BP Plc (BP, BP.LN) and ConocoPhillips (COP), called Denali, that is also competing for producer bids in its own open season, which ends in October. The main difference between the two projects is that TransCanada and Exxon have a license and financial backing from the state of Alaska that locks in tax rates for producers for 10 years. However, producers have said the 10-year term is too short, in part because it doesn't match the 20-year or longer commitment they would have to make to the pipeline. In addition to competing with each other, both projects also face the significant obstacle of depressed natural gas prices in North America, which have been brought down as a revolution in new shale-gas-drilling techniques has created a glut of supply. As a result, both projects are considering options to build shorter and less expensive pipelines that would bring gas to Alaska's port in Valdez, where it would be liquefied and shipped to Asian markets overseas. TransCanada's Palmer said the tolls for shippers could be between $2.80 and $3.50 per million British thermal units for the cross-Canada line, and slightly less for the Valdez option. That compares with current natural gas prices around $5/MMbtu. The TransCanada/Exxon project wouldn't be complete until 2020, at which point TransCanada and natural gas producers hope that prices will have increased as consumers respond to current low gas prices by using more of it in power plants and vehicles. -By Edward Welsch, Dow Jones Newswires; 403-229-9095; edward.welsch@dowjones.com (END) Dow Jones Newswires July 30, 2010 20:36 ET (00:36 GMT)