US & EU push on climate, $170 bn of oil and gas capex being cut, fastest-ever rig count fall in US shale, all-party setback for UK shale, oil price sure to bounce back, bosses say: Week 4, 2015

Energy groups prepare cuts in capex as earnings fall. Morgan Stanley estimates 20% down in O&G field development, Wood Mac 37% across industry ($170bn).
Tight oil production to drop faster than most expect. Increase in pad drilling plus decreasing well productivity means “sharper” fade as count falls, analyst says.
Obama moves to put much of Arctic Refuge off limits for drilling. Alaskan lawmakers rush to the barricades: You negotiate with Iran but not with us, they allege.
24.1.15.
Drillers retreat from North Dakota oil shale at fastest rate yet. The rig count drops by 49 this week as drillers bail with WTI at $45.
“Oil collapse could trigger billions in bank losses.” Surge in junk loans to industy in recent years coming home to roost, the Telegraph worries.
23.1.15.
Caudrilla asks to delay fracking application in Lancashire. It wants time to address the noise reservations of planners recommending rejection.
Scientists find 2-3 times more methane leakage from Boston are than predicted. “Our findings suggest that natural-gas–consuming regions may …represent areas of significant resource loss.”
22.1.15.
US Senate refuses to accept man’s role in climate change. 27 years after first NASA attribution, It defeats two measures attributing cause of climate change.
MEP vote means carbon price now expected to rise by 2020. The EU industry committee votes against an unambitious package of proposals.
Oil & gas industry accused of taking over renewables lobby to push gas. They have majority positions on European wind and solar trade bodies.
Is Saudi Arabia opening the taps because it sees end of oil age coming? Elias Hinckley thinks they see inevitability of global climate action stranding assets.
Former UK environment secretary advocates fracking ban. Caroline Spelman is a member of the Environmental Audit Committee.
21.1.15.
Climate change makes a comeback at Davos.Larry Elliot argues that Stern’s economics makes more of an impact than Al Gore’s slide show.
Environment Agency pension fund tells BP & Shell to invest in renewables. The £2.5bn fund has teamed up with >150 others for a shareholder resolution.
Another setback for UK shale drillers. Lancashire County Council planning officers recommend rejection of Caudrilla’s application for traffic and noise reasons.
Oil spill from Montana pipeline means bottled water for locals. Authorities recommend not drinking tapwater because of benzene levels.
Austria to launch lawsuit on Hinkley C subsidies. Legal challenge to EU decision means final investment decision could be delayed for more than two years.
Obama strong on climate in State of Union address. He mocks the Republican “I am not a scientist” line, referencing NASA and NOAA and their views.
Opec and oil bosses tell Davos oil will rise again. Overshoot risk, Eni and Total bosses warn. Latter cites 5% constant decline = >halving existing production by 2030.
IEA chief warns oil price drop is slowing energy investments of all kinds. “The world will be in a problematicsituation in the next decade.”
Saudi Arabia delays $109bn solar target 8 years: a third of electricity solar by 2040, not 2032, KaCare boss says, needing more time to assess technologies.
BP boss tells BBC in Davos that oil prices will be low for up to 3 years. Ongoing investment and job cuts will reflect this judgement.
20.1.15.
Europe launches diplomatic offensive pushing for strong Paris deal. 90,000 diplomats in >3,000 missions to lobby other nations after ministerial decision.
PwC survey of CEOs does not even include climate change. This after only 10% expressed concern in the annual Davos survey last year.
Total cuts capital spending by 10% and plans asset sales.  Cuts to exploration and development include the North Sea, tar sands, Gabon and Congo.
Credit line reset hovers over US oil drillers in April. Some will face a “liquidity spiral”, analysts fear, as banks cutcredit lines.
Carbon-free stock index outperforms the market in 2014. The Fossil Free Indexes US (FFIUS), with 10% excluded, outperforms the S&P 500 by about 1.5%.
Greenpeace wins funding battle with Indian government. Dehli High Court orders Modi government to release foreign contributions to Indian branch.
19.1.15.
UK shale gas revolution falling flat. Guardian analysis shows only 11 new wells, and 9 scheduled for fracking – 8 new wells and one existing well.
Analysts predict stagnant or falling oil production in Russia. Slump in crude prices is impairing investment.
“Why 2015 is the year renewables will win.” I am full of cautious hope”, writes Jeremy Leggett on EcoHustler, “and here’s why.”
Nearly 50% of global wealth held by the 1%. So a new Oxfam report finds, ahead of the World Economic Forum in Davos.

Email this to someoneShare on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInPin on PinterestShare on RedditBuffer this page
Posted in Chronicle Tagged with:
Appropriate civilization includes environmental balance, sustainable capitalism, empathic societies, racial and religious harmony, poverty alleviation at home and abroad, common security, and use of tech for social good.

New despotism includes environmental sabotage, reckless capitalism, isolationist nationalism, incitement to racial and religious hatred, retreat from aid, war mongering, and the use of tech for social harm.

Free ebook and updates

Join the 8000+ who receive e-mail summaries-and-commentaries from me about the course of The Great Transition as the drama unfolds. You can unsubscribe at any time with no worries, and I will never forward your details to anyone.

I will send you a link to a FREE copy of The Winning of The Carbon War as soon as you subscribe.