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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (9685)	3/5/2003 7:43:56 AM
From: Kerm Yerman	Respond to of 24931

Portfolio Stock / Anadarko Petroleum Dow Jones Business News Anadarko Petro CEO Pushes For More Access To Federal Land Tuesday March 4, 3:36 pm ET HOUSTON (Dow Jones)--The growth in demand for natural gas continues to outpace supply and presents a significant challenge for national security, a major domestic oil and gas producer said Tuesday. The solution is better access to U.S. federal lands - including those in the Alaskan Arctic - where the greatest undiscovered gas resources are located, said John Seitz, president and chief executive officer of Anadarko Petroleum Corp. (NYSE:APC). Seitz encourages a "more pragmatic regulation of areas supposedly open for exploration but that are too expensive to develop because of tight leasing restrictions and permitting delays." Such delays make several projects in the West less economically sound, he said. "In effect, delay is denial." The domestic industry as a whole is short of low-risk drilling locations because vast resources on federal lands are off-limits to exploration, he said. Seitz told a session of the Texas Independent Producers and Royalty Owners Association on Tuesday that unlike oil, for which the U.S. is dependent on foreign imports, natural gas could be supplied domestically. At Anadarko, Seitz said, the company is ramping up activity and increasing supplies this year. The company expects to operate an average of about 50 drilling rigs domestically this year, compared with about 40 a year ago. In fact, Seitz said Anadarko this week has more drilling rigs operating in the U.S. than any other company. This drilling program - which is part of a $2.3 billion worldwide capital plan - should enable Anadarko to increase production to about 200 million barrels of oil equivalent and show a 7% growth in annual gas volumes over 2002, he said. Growth will come primarily from Anadarko fields in the Gulf of Mexico and Western Canada "Part of America's long-term solution could be improved efficiency, and perhaps a wider choice of clean fuels," Seitz said Tuesday. "But for now, the best answer is to encourage greater natural gas exploration and development here at home." He encourages the pursuit of frontier gas resources in the Alaskan and Canadian Arctic, where Anadarko has multi-year investments. The industry also needs to explore offshore areas in federal waters currently under moratoria, he said.