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

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Presentation transcript:

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

Supply 22 TCFG/year 7 BBO/year* 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.

Reserves 200 TCFG 21 BBO 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.

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

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

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

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

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

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

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

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

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

Resources 1780 TCFG 110 BBO (L48) Without capital, incentives, access, infrastructure… what will happen?

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

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

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

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

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

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

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