Archive for the ‘Oil’ Category

“Shell underestimates risk for up to $77 billion of high cost oil projects.”

July 9, 2014 Climate, Finance, Gas, Oil

Carbon Tracker press release: “The Carbon Tracker Initiative (CTI) and Energy Transition Advisors (ETA) have today jointly published a thorough response to Shell’s stranded assets statement published on May 16th.”

“Fossil industry is the subprime danger of this cycle” / solar the future.

July 9, 2014 Clean Energy, Climate, Coal, Finance, Gas, Oil

Ambrose Evans-Pritchard in the Telegraph: “The cumulative blitz on energy exploration and production over the past six years has been $5.4 trillion, yet little has come of it.”

Deep decarbonization pathways available to hit 2˚C climate target: report.

July 9, 2014 Clean Energy, Climate, Coal, Finance, Gas, Nuclear, Oil

Guardian: “The United Nations was presented with a roadmap to avoid a climate catastrophe on Tuesday, prescribing specific actions for the world’s biggest economies to keep warming below 2C.”

Russia says its oil production will drop next year.

July 7, 2014 Oil

UPI:  ”An anticipated drop in oil production by 2016 is expected to hurt the Russian economy, the Russian Finance Ministry said Monday. The ministry said Monday it expects a $4.5 billion decline in oil export revenue because of an anticipated 6.3 percent drop in oil production from 2014 figures.”

Shell joins class action against BP over Gulf spill.

July 5, 2014 Oil

Guardian: “Pension funds from London borough councils and even Shell are among a new group of shareholders suing BP in Texas over the Deepwater Horizon accident.”

UK’s geology means fracking threatens drinking water, developers warned.

July 3, 2014 Gas, Oil

Guardian: “The UK’s complex geology will pose challenges for fracking companies wanting to avoid water contamination in some parts of the country, according to the British Geological Survey (BGS).”

Shell is wrong to accuse Carbon Tracker of “trivialising the climate debate”.

July 3, 2014 Climate, Coal, Commentaries, Finance, Gas, Oil
Jeremy Leggett in Recharge: “A debate is growing in the capital markets about whether carbon-fuel assets are at risk of being stranded — rendered unuseable by trends and events, including policies to combat global warming. ExxonMobil and Shell are to be congratulated for recently injecting a much-needed degree of transparency into the argument.”

“Oil explorers hit rock bottom”: FT headline.

July 2, 2014 Finance, Oil

FT: “The $250m price tag attached to the sale of a 50 per cent stake in a key project should have given a big boost to the share price of Africa-focused oil explorer Bowleven last week. It failed to.

Renewables to win two-thirds of energy investment by 2030: Bloomberg.

July 1, 2014 Clean Energy, Climate, Coal, Finance, Gas, Nuclear, Oil

Bloomberg: “Renewable energy may reap as much as two-thirds of the $7.7 trillion in investment forecast for building new power plants by 2030 as declining costs make it more competitive with fossil fuels.”

Estimate of shale gas and oil in place in Midland Valley “modest”.

June 30, 2014 Gas, Oil

DECC: “The British Geological Survey’s report of the resources in the Midland Valley, Scotland, suggests a modest amount of gas and oil in place. The central estimate of shale gas in place is 80 trillion cubic feet. The central estimate for shale oil in place is 6 billion barrels of oil.”

In latest Arctic setback for oil industry, Statoil delays key project.

June 30, 2014 Oil

FT: “Statoil delayed the development of its showcase Arctic oil project for a second time after a string of disappointing drilling results in the Norwegian Barents Sea.”

Global capital expenditure by cash-rich companies still stalling.

June 30, 2014 Finance, Gas, Oil

FT: “An expected pick-up in global investment spending by cash-rich companies has failed to materialise so far this year. Although companies continue to have historically high levels of gross cash at $4.5tn for the top 2,000 capex spenders in 2013, spending is likely to decline 0.5 per cent this year in real terms, according to Standard & Poor’s forecasts based on first-half data.”

New York towns can prohibit fracking, state appeals court rules.

June 30, 2014 Climate, Gas, Oil

Guardian: “Opponents of hydraulic fracturing celebrated a major victory over the oil and gas industry on Monday after the highest court in New York state agreed that cities and towns can prohibit drilling within their boundaries.”

“Sectarian genie is out of the bottle from Syria to Iraq.”

June 30, 2014 Gas, Oil

Reuters: “As jihadists storm through the Sunni heartlands of Iraq towards Baghdad, where a Shi’ite government they regard as heretic clings on, they have lifted the veil on deep sectarianism which has also stoked the fires of Syria’s civil war and is spilling over into vulnerable mosaic societies such as Lebanon.”

British Medical Association votes for fossil-fuel divestment.

June 26, 2014 Climate, Coal, Gas, Oil

Ecologist: “Britain’s doctors have voted for their representative body, the British Medical Association, to divest from fossil fuels, adding valuable momentum to the fast growing global divestment campaign.”

Carbon-fuel divestment movement spreads to medical profession.

June 25, 2014 Clean Energy, Climate, Coal, Finance, Gas, Oil

TreeAlert (no url): “The British Medical Association (BMA) has today voted to end its investments in fossil fuels, becoming the first health-focused institution in the world to do so.” (more…)

Statoil to investors: climate fix possible with returns on oil for decades.

June 25, 2014 Climate, Finance, Gas, Oil

Letter to FT: Sir, In “A climate fix would ruin investors” (June 18), Martin Wolf addressed the potential impact of effective climate policies on the value of fossil energy companies. The key issue was to what extent current coal, oil and gas reserves will be burnable, and therefore valuable, to investors if future climate policies limit carbon emissions.”

Despite divestment campaign, SRI investments in oil & gas increase.

June 24, 2014 Change for Good, Climate, Coal, Finance, Gas, Oil

NASDAQ QMX: “Climate change campaigners have welcomed the recent decision from AMP Capital, a Sydney-based asset manager with US$30bn equity assets under management, to exclude companies with a material exposure to the most intensive fossil fuels from its Responsible Investment Leaders (RIL) fund range.” (more…)

U.S. ruling loosens four-decade ban on oil exports.

June 24, 2014 Oil

WSJ: “The Obama administration cleared the way for the first exports of unrefined American oil in nearly four decades, allowing energy companies to start chipping away at the longtime ban on selling U.S. oil abroad.”

Harley Davidson unveils electric bike prototype.

June 23, 2014 Clean Energy, Climate, Oil

Fortune: “When you think Harley-Davidson, you probably think about leather, beards, and loud engines. Now, though, you can picture a fully electric bike with a digital display.”