Archive for the ‘Oil’ Category

UK energy dependence – five hidden costs expose truth about fracking.

August 18, 2014 Clean Energy, Climate, Commentaries, Gas, Oil

Jeremy Leggett in the Guardian: “The shale boom is a bubble waiting to burst as economics of extraction falter and the trickle of bad environmental news starts to swell.”

UK anti-fracking group stages day of protests.

August 18, 2014 Gas, Oil

Guardian: “Anti-fracking protesters caused peaceful disruption at several locations on Monday, gluing themselves to the doors of a government department, occupying a building used by an energy firm and blockading access to a test drilling site.”

Oil majors gambling US$91bn on 20 high-risk projects.

August 15, 2014 Climate, Finance, Gas, Oil

CarbonTracker: “The world’s biggest publicly listed oil companies plan to develop the projects, which will put nearly $91 billion of investor cash at risk over the next decade.”

Rosneft asks Moscow for $42bn as western sanctions bite.

August 14, 2014 Gas, Oil

FT: “Rosneft has asked the Russian government for as much as Rb1.5tn ($42bn) in support, in a clear sign of the growing cost of western sanctions against Moscow.”

Support for UK fracking drops to 24%, DECC survey finds.

August 12, 2014 Gas, Oil

Telegraph: “Support for fracking in the UK has fallen, with less than a quarter of the public now in favour of extracting shale gas to meet the country’s energy needs, according to official government polling.”

Oil companies fracking into drinking water sources, new research shows.

August 12, 2014 Gas, Oil

LA Times: “Energy companies are fracking for oil and gas at far shallower depths than widely believed, sometimes through underground sources of drinking water, according to research released Tuesday by Stanford University scientists.”

Keystone XL carbon emissions ‘would be 4x higher than US thought’.

August 11, 2014 Climate, Oil

AP: “The much-debated Keystone XL pipeline could produce four times more global warming pollution than the State Department calculated earlier this year, a new study concludes.”

Oil & gas company debt soars to danger levels to cover shortfalls in cash.

August 11, 2014 Climate, Gas, Oil

Telegraph: “The world’s leading oil and gas companies are taking on debt and selling assets on an unprecedented scale to cover a shortfall in cash, calling into question the long-term viability of large parts of the industry.”

UK fracking company wins permission to reinject waste water.

August 10, 2014 Gas, Oil

Independent on Sunday: “Environmental campaigners fear an oil company’s plan to drill for gas in one of Britain’s national parks is a stalking horse for a future bid to carry out fracking in the area.”

Exxon begins drilling in Russian Arctic immune to sanctions.

August 8, 2014 Gas, Oil

Bloomberg: “Sanctions, what sanctions? ExxonMobil Corp. will start drilling a $700 million well in the Arctic Ocean tomorrow, Russia’s government said, showing that for all the talk of action against Vladimir Putin’s oil industry, the largest U.S. energy company is undeterred.”

Oil price up as Sunni militants close in on Kurdish territory.

August 7, 2014 Oil

FT: “The price of Brent crude rose above the $105 mark on Thursday after reports that Islamist militants were creeping closer to the semi-autonomous Kurdish region’s oilfields.”

The signs of energy system-change are coming think and fast now.

August 5, 2014 Clean Energy, Climate, Coal, Commentaries, Gas, Oil

Jeremy Leggett in Recharge magazine: “Some mornings these days, I open my laptop, check the energy news and have to pinch myself to make sure that I am not still dreaming, so fast are signs of system change emerging.”

EIA: Oil & gas cos take on debt, sell assets to boost cash flow.

August 4, 2014 Gas, Oil

Rigzone: “Oil and gas companies are taking on debt and selling assets to make up for the shortfall between operational cash flow and cash being spent, according to a recent report from the U.S. Energy Information Administration (EIA).”

BP on Rosneft risk: ‘We work in countries with ups and downs’.

July 31, 2014 Gas, Oil

Guardian: “….This time, Dudley faces questions over the BP’s near-20% stake in Rosneft, the Kremlin-controlled oil group that has been dragged into the latest round of EU sanctions through restrictions on the export to Russia of hi-tech equipment for extracting fossil fuels.” (more…)

EU: Poland is breaking law on assessing environmental impact of fracking.

July 30, 2014 Gas, Oil

Guardian: “The European commission has begun legal proceedings against Poland for amending its national laws to allow shale drills at depths of up to 5,000 metres without first having assessed the potential environmental impacts, EurActiv has learned.”

White House: curb greenhouse gas emissions now or lose billions.

July 29, 2014 Climate, Coal, Gas, Oil

Washington Post: “The White House issued a report Tuesday warning that the United States could face billions of dollars in added economic costs if it delays action to curb greenhouse gas emissions linked to climate change. According to the report, each decade of delay will make it 40 percent more expensive to eventually reach the identical global climate target.”

“Shale gas speed-up likely to make slow progress”: FT.

July 28, 2014 Climate, Gas, Oil

FT: “….industry participants and observers have questioned how much environmental and operational constraints attached to the licences, which aim to protect national parks and areas of outstanding natural beauty, will handicap Whitehall’s ambition to replicate the shale “revolution” in the US, where production has soared.”

Fracking push gets go-ahead across UK: half the nation open for bids.

July 28, 2014 Climate, Gas, Oil

Guardian: “Ministers will give the go-ahead on Monday for a big expansion of fracking across Britain that will allow drilling innational parks and other protected areas in “exceptional circumstances”.

The Energy of Nations: “thriller-like”, “fast-paced”, “wonderful anecdotes”.

July 24, 2014 Clean Energy, Climate, Coal, Commentaries, Finance, Gas, Nuclear, Oil

Germana Canzi: “It was with a bit of trepidation that I started to read Jeremy Leggett’s most recent book,The Energy of Nations: Risk Blindness and the Road to Renaissance (Routledge, 2013). Last time I read one of Leggett’s books – The Carbon Wars – it had such an impact on me that it contributed heavily to my decision to leave a promising job as a financial journalist to pursue a fascinating but less linear career in climate change policy.”

Four reasons why US fracking may turn out to be a bubble.

July 23, 2014 Climate, Finance, Gas, Oil

Quartz: “Hydraulic fracturing—the oil drilling technique that unlocks oil and gas tightly trapped in rock formations—has been a recent bonanza for the US, creating economic growth, cheap fossil fuels and even changing the way the earth looks from space. But is it going to last?”