June 6, 2006

Bear Head LNG Terminal Update & Fundamental Changes in LNG Trade
SPEAKER:
Dave Anderson,
Anadarko
ABSTRACT:
This presentation will provide background information concerning Anadarkos Nova
Scotia Bear Head LNG terminal project. The Bear Head project was purchased by
Anadarko in August of 2004. Since that time, all of the major permits and approvals
have been secured. Civil works began in October of 2004 and were essentially
completed by December 2005. The concrete foundations for the initial two storage
tanks were poured in December of 2005. Bear Head is one of only a few new LNG
receiving terminals in North America currently under construction.
Long-lead items in short supply have been secured. In particular, carbon and 9%
nickel steel required for the storage tanks have been ordered and are in the process
of being delivered to the site. All of the major construction contracts have been let.
The presentation will include a description of the Bear Head facility and its key
attributes. The project will include two 180,000 cubic meter storage tanks with a 1
Bcfd sendout capacity. The deepwater jetty will be capable of accommodating the
largest LNG tankers currently under consideration 265,000 cubic meters.
With respect to changes in global LNG fundamentals, the presentation will address
delays in critical supply projects, an Atlantic Basin supply-demand balance analysis,
an analysis of recent U.S. LNG terminal capacity utilization, and a reflection of the
world LNG pricing dynamics experienced during this past winter.
BIOGRAPHY
Dave has over 25 years of commercial experience in the petroleum industry. Dave
gradated from Penn State University in 1979 with a Bachelors of Science degree. He
joined Marathon Oil Company in their Findlay, Ohio corporate headquarters upon
graduation from college.
In the eight (8) years at Marathon, Dave held various positions in the Audit and
Natural Gas Divisions. Responsibilities at Marathon included spot and long-term gas
sales, gas purchases, commercial aspects of gas processing, and commercial
responsibilities related to major project work.
Dave joined Anadarko Petroleum Corporation in 1987 in the Gas Marketing
Department. Over the years hes held numerous commercial positions and
responsibilities. Dave has been responsible for short and long-term sales contracts.
He has also managed the commercial aspects of Anadarkos extensive gas gathering
and gas processing assets and has been responsible for numerous large project
initiatives.
For the past ten years, Dave has been responsible for Anadarkos international
commercial development efforts. During this time, Dave has participated in

negotiating production sharing contracts, gas sales agreements, fiscal relief

amendments, and various other commercial related activities.
Most recently, Daves responsibilities have included key roles in evaluating and
implementing Anadarkos initial involvement in the liquefied natural gas (LNG)
business line.