Both Alaska lawmaker houses passed Governor Sarah Palin's Alaska Gasline Inducement Act, or AGIA, Friday afternoon.

AGIA defines the incentives and requirements both producers and independent pipeline companies must use to bid for the rights to build a multibillion-dollar natural gasline project. Many in the state eventually hope this project will result in shipping North Slope natural gas to market.

While the Palin administration says the bill inducements are designed to stimulate competition, officials with BP, Exxon Mobil and ConocoPhilips oppose the requirements, saying they do not make the process open enough.

"This project, at the end of the day, the right gasline for Alaska, will be for generations to come, benefiting all Alaskans," said Palin.

While the bill now heads to a committee, some senators and representatives can work out their version's differences. The administration says their focus is now turning to getting bids from the people who want to build the pipeline.

The three major oil companies had warned they would not submit a bid unless certain AGIA requirements were removed. The governor is saying that the earliest that this can be signed into law is this weekend.

Complete Coverage: Anchorage Daily News, Associated Press,Juneau Empire, Fairbanks Daily News-Miner