JUNEAU, Alaska  — The Alaska State House of Representatives has approved a state license for a Canadian company to pursue a natural gas pipeline project that could unlock 4.5 billion cubic feet of North Slope gas reserves daily.

The House backed the plan on a 24-16 vote Tuesday. A reconsideration vote is planned today, but that’s usually a formality. If approved then, the bill will go to the state Senate, which must approve or reject it before Aug. 2.

Lawmakers in Alaska’s House voted to support Gov. Sarah Palin’s proposal to award TransCanada Corp. an exclusive license to pursue federal certification for the 1,715-mile pipeline estimated to cost between $26 billion and $30 billion.

TransCanada Vice President Tony Palmer wasn’t ready to celebrate just yet, nor would he make any predictions on how the Senate’s vote will play out.

The license doesn’t guarantee pipeline construction. It simply calls for TransCanada to embark on a costly process of pursuing a federal certificate, but also with up to $500 million in state seed money.

Even if the Senate concurs, it will still be at least another 10 years before any market sees Arctic gas. And there is still a competing pipeline moving forward without the state’s startup money.

That project is a joint venture between North Slope oil producers and gas leaseholders ConocoPhillips and BP PLC, who believed Palin’s AGIA format was too restrictive.