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AAPG Energy Summit, Washington DC, April, 2001

AAPG Energy Summit, Washington DC, April, 2001. Robbie Gries, President-Elect American Association of Petroleum Geologists Priority Oil & Gas LLC, Denver, CO. Resources. Reserves. Supply. 1780 TCFG 110 BBO. 200 TCFG 21 BBO. 22 TCFG 7 BBO. This is what comes to you--

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AAPG Energy Summit, Washington DC, April, 2001

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  1. AAPG Energy Summit, Washington DC, April, 2001 Robbie Gries, President-Elect American Association of Petroleum Geologists Priority Oil & Gas LLC, Denver, CO

  2. Resources Reserves Supply 1780 TCFG 110 BBO 200 TCFG 21 BBO 22 TCFG 7 BBO

  3. This is what comes to you-- from the producer, through the pipelines and refineries, marketers, public service companies, retailers …with local, state and federal taxes added …as electricity, heating oil, natural gas, gasoline, jet fuel, plastics, rayon etc. Supply 22 TCFG/year 7 BBO/year*

  4. This is proven and producing… or is part of some company’s plan to produce… This is energy what easily raises capital, what companies merge and gobble for, how shareholder value is increased…owning more and more reserves… doesn’t matter how you get them. Reserves 200 TCFG 21 BBO

  5. Resources But this is where the hardest work is… 1780 TCFG 110 BBO (L48)

  6. Resources This is where the explorers turn ideas and science into drilling 1780 TCFG 110 BBO(L48)

  7. Resources This is where resources become reserves… 1780 TCFG 110 BBO(L48)

  8. Resources This is where the capital is hard to come by… 1780 TCFG 110 BBO(L48)

  9. Resources Because this is where the RISK is… 1780 TCFG 110 BBO(L48)

  10. Resources This is where INCENTIVES are needed… 1780 TCFG 110 BBO(L48)

  11. Resources This is where INFRASTRUCTURE is gone… 1780 TCFG 110 BBO(L48)

  12. Resources This is where ACCESS is critical 1780 TCFG 110 BBO (L48)

  13. Resources This is where regulatory relief can play a positive role 1780 TCFG 110 BBO (L48)

  14. Without capital, incentives, access, infrastructure… what will happen? Resources ?!!**!*%!??***#! 1780 TCFG 110 BBO (L48)

  15. AAPG’s Summit on U. S. Energy Policy • A sound energy policy needs to include input from the professional energy scientists • —the people charged with FINDING and developing RESOURCES

  16. AAPG: American Association of Petroleum Geologists • Society of 30,000 petroleum geologists and geoscientists

  17. AAPG Energy Policy Summit Recommendations to Increase Supply: ~TAXES ~ These are ‘investments in the nation’s future’, not ‘tax breaks’ • Restore IDC tax incentives • Abolish the AMT • Allow expensing of G&G, lease rentals • Raise the depletion allowance

  18. AAPG Energy Policy Summit ~Increase ACCESS ~ • Western States/Rocky Mountains • 7-10? BBO, 137 TCFG • OCS • 16.4 BBO, 76 TCFG • Alaska • 7++ BBO, 313 TCFG

  19. AAPG Energy Policy Summit ~ACCESS ~ 75.8% of Natural Gas Resources are on Federal Lands Limiting access includes time consuming regulatory requirements

  20. Resources Needed to Convert Reserves $1.5 Trillion 200 TCFG 21 BBO 1780 TCFG 110 BBO (L48)

  21. AAPG Energy Policy Summit We have the Resources We have the geoscientists and technology We can develop our Resources in an environmentally responsible manner

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