AGL Resources CEO Applauds Passage of OCS Legislation
10 December 2006 - 1:25AM
PR Newswire (US)
ATLANTA, Dec. 9 /PRNewswire/ -- The United States Congress today
approved final passage of legislation that will open new areas of
the outer continental shelf within the Gulf of Mexico to oil and
gas drilling and exploration. Following the vote, AGL Resources, an
Atlanta-based energy services holding company with utility
subsidiaries in six states, expressed its appreciation for the
effort. "We commend the United States Congress for passing the
outer continental shelf legislation," said John Somerhalder,
president and chief executive officer of AGL Resources. "While we
are disappointed that more comprehensive legislation -- which would
have given states more discretion over resources off their
respective coasts -- did not pass this term, we are pleased with
the results of this measure. Any action which allows Americans
greater access to domestic natural gas supply basins is a move in
the right direction." The measure will open up 8.3 million acres of
the eastern Gulf of Mexico to exploration and production for
natural gas and oil. The addition of new areas in the Gulf of
Mexico will allow access to approximately 6 trillion cubic feet of
natural gas, enough to keep 6 million homes warm for 15 years.
"Passage of this legislation is especially important as this week's
cold weather reminds us of the important role natural gas plays in
keeping families warm when the mercury drops," continued
Somerhalder. "Again, we commend Congress for this recent action and
look forward to continuing our company and industry's efforts to
ensure access to domestic supply in an environmentally sensitive
manner." President Bush has indicated his support and is expected
to sign the legislation into law. About AGL Resources AGL
Resources, an Atlanta-based energy services holding company, serves
2.2 million customers in six states through its utility
subsidiaries - Atlanta Gas Light, Elizabethtown Gas in New Jersey,
Virginia Natural Gas, Florida City Gas, Chattanooga Gas, and Elkton
Gas in Maryland. Ranked by Forbes as one of the 10 Best Managed
Utilities and No. 250 in the Forbes Platinum 400 as well as No. 647
on the Fortune 1000 and No. 40 in the Fortune gas and electric
utilities sector in 2006, AGL Resources reported revenue of $2.7
billion and net income of $193 million in 2005. The company also
owns Houston-based Sequent Energy Management, an asset manager
serving natural gas wholesale customers throughout the East and
Midwest. As a 70 percent owner in the SouthStar partnership, AGL
Resources markets natural gas to consumers in Georgia under the
Georgia Natural Gas brand. AGL Networks, the company's
telecommunications subsidiary, owns and operates fiber optic
networks in Atlanta and Phoenix. The company also owns and operates
Pivotal Jefferson Island Storage & Hub, a high-deliverability
natural gas storage facility near the Henry Hub in Louisiana. For
more information, visit http://www.aglresources.com/. DATASOURCE:
AGL Resources Inc. CONTACT: Jack Holt of AGL Resources,
+1-404-584-4255, or cell, +1-404-217-0284, or Web site:
http://www.aglresources.com/
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