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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
AAPG Energy Summit, Washington DC, April, 2001

Robbie Gries, President-Elect

American Association of Petroleum Geologists

Priority Oil & Gas LLC, Denver, CO

slide2
Resources

Reserves

Supply

1780 TCFG

110 BBO

200 TCFG

21 BBO

22 TCFG

7 BBO

slide3

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*

slide4

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

slide5
Resources

But this is where the hardest work is…

1780 TCFG

110 BBO (L48)

slide6

Resources

This is where the explorers turn ideas and science into drilling

1780 TCFG

110 BBO(L48)

slide7
Resources

This is where resources become reserves…

1780 TCFG

110 BBO(L48)

slide8

Resources

This is where the capital is hard to come by…

1780 TCFG

110 BBO(L48)

slide9

Resources

Because this is where the RISK is…

1780 TCFG

110 BBO(L48)

slide10

Resources

This is where INCENTIVES are needed…

1780 TCFG

110 BBO(L48)

slide11

Resources

This is where INFRASTRUCTURE is gone…

1780 TCFG

110 BBO(L48)

slide12

Resources

This is where ACCESS is critical

1780 TCFG

110 BBO (L48)

slide13

Resources

This is where regulatory relief can play a positive role

1780 TCFG

110 BBO (L48)

slide14

Without capital, incentives, access, infrastructure…

what will happen?

Resources

?!!**!*%!??***#!

1780 TCFG

110 BBO (L48)

slide15

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
AAPG: American Association of Petroleum Geologists
  • Society of 30,000 petroleum geologists and geoscientists
aapg energy policy summit
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 summit1
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 summit2
AAPG Energy Policy Summit

~ACCESS ~

75.8% of Natural Gas Resources are on Federal Lands

Limiting access includes time consuming regulatory requirements

slide20

Resources

Needed to Convert

Reserves

$1.5 Trillion

200 TCFG

21 BBO

1780 TCFG

110 BBO (L48)

aapg energy policy summit3
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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