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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


Resources

Reserves

Supply

1780 TCFG

110 BBO

200 TCFG

21 BBO

22 TCFG

7 BBO


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*


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


Resources company’s plan to produce…

But this is where the hardest work is…

1780 TCFG

110 BBO (L48)


Resources company’s plan to produce…

This is where the explorers turn ideas and science into drilling

1780 TCFG

110 BBO(L48)


Resources company’s plan to produce…

This is where resources become reserves…

1780 TCFG

110 BBO(L48)


Resources company’s plan to produce…

This is where the capital is hard to come by…

1780 TCFG

110 BBO(L48)


Resources company’s plan to produce…

Because this is where the RISK is…

1780 TCFG

110 BBO(L48)


Resources company’s plan to produce…

This is where INCENTIVES are needed…

1780 TCFG

110 BBO(L48)


Resources company’s plan to produce…

This is where INFRASTRUCTURE is gone…

1780 TCFG

110 BBO(L48)


Resources company’s plan to produce…

This is where ACCESS is critical

1780 TCFG

110 BBO (L48)


Resources company’s plan to produce…

This is where regulatory relief can play a positive role

1780 TCFG

110 BBO (L48)


Without capital, incentives, access, infrastructure… company’s plan to produce…

what will happen?

Resources

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

1780 TCFG

110 BBO (L48)


AAPG’s company’s plan to produce…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: company’s plan to produce…American Association of Petroleum Geologists

  • Society of 30,000 petroleum geologists and geoscientists


Aapg energy policy summit
AAPG Energy Policy Summit company’s plan to produce…

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 company’s plan to produce…

~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 company’s plan to produce…

    ~ACCESS ~

    75.8% of Natural Gas Resources are on Federal Lands

    Limiting access includes time consuming regulatory requirements


    Resources company’s plan to produce…

    Needed to Convert

    Reserves

    $1.5 Trillion

    200 TCFG

    21 BBO

    1780 TCFG

    110 BBO (L48)


    Aapg energy policy summit3
    AAPG Energy Policy Summit company’s plan to produce…

    We have the Resources

    We have the geoscientists and technology

    We can develop our Resources in an environmentally responsible manner


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