QUOTE
Oil giant leaves arctic refuge lobby group
ConocoPhillips doesn't see ANWR drilling as priority
Reuters
Updated: 10:59 a.m. ET Jan. 6, 2005
LINK
NEW YORK - ConocoPhillips has dropped out of a high-profile group that lobbies for opening up the Arctic National Wildlife Refuge in Alaska to oil and gas drilling, the No. 3 U.S. oil company said Wednesday.
“We have not been involved in the ANWR debate in many years and have focused our investment attention in Alaska toward the (proposed) gas pipeline and development of other North Slope satellite fields,” a ConocoPhillips representative said in an e-mail message. “Since ANWR is currently closed to development, we feel that any resolution or pledge on our part would be moot.”
ConocoPhillips’ departure from Arctic Power follows BP's withdrawal from the group in November 2002. It comes as Congress gears up to reopen the debate on drilling in part of the refuge.
President Bush supports opening part of the area to exploration and analysts have speculated that his re-election would give a boost to oil companies’ efforts there. But opposition exists among moderate Republicans and most Democrats in the Senate.
Environmentalists, who have buffeted oil companies with e-mail and shareholder resolutions over the issue, hailed ConocoPhillips’ decision as a victory for the movement to keep the region closed to oil exploration.
The move prompted Green Century Capital Management, a mutual fund that emphasizes environmental responsibility, to withdraw a shareholder resolution filed with the company over the issue.
The U.S. Geological Survey estimates 10.3 billion barrels of technically recoverable oil lies below the ground in the refuge, although it is debatable because it has not been investigated.
Arctic Power did not immediately respond to a message left by Reuters.
ConocoPhillips doesn't see ANWR drilling as priority
Reuters
Updated: 10:59 a.m. ET Jan. 6, 2005
LINK
NEW YORK - ConocoPhillips has dropped out of a high-profile group that lobbies for opening up the Arctic National Wildlife Refuge in Alaska to oil and gas drilling, the No. 3 U.S. oil company said Wednesday.
“We have not been involved in the ANWR debate in many years and have focused our investment attention in Alaska toward the (proposed) gas pipeline and development of other North Slope satellite fields,” a ConocoPhillips representative said in an e-mail message. “Since ANWR is currently closed to development, we feel that any resolution or pledge on our part would be moot.”
ConocoPhillips’ departure from Arctic Power follows BP's withdrawal from the group in November 2002. It comes as Congress gears up to reopen the debate on drilling in part of the refuge.
President Bush supports opening part of the area to exploration and analysts have speculated that his re-election would give a boost to oil companies’ efforts there. But opposition exists among moderate Republicans and most Democrats in the Senate.
Environmentalists, who have buffeted oil companies with e-mail and shareholder resolutions over the issue, hailed ConocoPhillips’ decision as a victory for the movement to keep the region closed to oil exploration.
The move prompted Green Century Capital Management, a mutual fund that emphasizes environmental responsibility, to withdraw a shareholder resolution filed with the company over the issue.
The U.S. Geological Survey estimates 10.3 billion barrels of technically recoverable oil lies below the ground in the refuge, although it is debatable because it has not been investigated.
Arctic Power did not immediately respond to a message left by Reuters.
