British Petroleum has said it won't proceed with a proposed $20 billion Alaskan pipeline that would bring gas to the North American market. BP's decision follows a move last month to shelve further development of the $600 million Liberty oilfield development in Alaska.

The online edition of the Financial Times quotes BP Chief Executive Sir John Browne as saying the plan is not viable at a time of depressed fuel prices and without government assistance. However, BP has said it will commit to drill in the Arctic National Wildlife Refuge in Alaska -- if regulatory hurdles are cleared.