Archive for the ‘Oil’ Category

Pollution levels hit 20 times safe limit in northern China.

October 10, 2014 Climate, Coal, Oil

Guardian: “Days of heavy smog shrouding swathes of northern China pushed pollution to more than 20 times safe levels on Friday, despite government promises to tackle environmental blight.”

Oil sinks to $88, share prices plunge.

October 10, 2014 Finance, Oil

FT: “Fears about weakening global growth drove oil prices to a four-year low on Friday, at the end of a turbulent week for financial markets that also saw world share prices drop to their lowest in seven months.”

Gillian Tett, prescient heroine of the MBS bubble, sees no shale bubble.

October 9, 2014 Finance, Gas, Oil

Gillian Tett on the FT: This winter Jim Ratcliffe, the British billionaire founder of Ineos, the chemicals group, is trying to spark a local shale gas revolution. He has offered to share 6 per cent of future revenues with communities or landowners if they work with Ineos to develop the energy source – far more than anything offered in the UK before.”

66 out of 73 US shale drillers report higher reserves to public than to SEC.

October 9, 2014 Gas, Oil

Bloomberg: “Lee Tillman, chief executive officer of Marathon Oil Corp., told investors last month that the company was sitting on the equivalent of 4.3 billion barrels in its U.S. shale acreage.” That number was 5.5 times higher than the one Marathon reported to federal regulators.”

Lego cans Shell partnership following Greenpeace campaign.

October 9, 2014 Climate, Oil

Guardian: “Lego will not renew its marketing contract with Shell after coming under sustained pressure from Greenpeace to end a partnership that dates to the 1960s.”

Drilling rig numbers hit in a new record in the US as oil search spreads.

October 8, 2014 Nuclear, Oil

Bloomberg: “Rigs targeting oil in the U.S. surged to a record as drillers ventured outside the nation’s biggest basins to search for crude in developing plays such as the South-Central Oklahoma Oil Province, known as SCOOP.”

“Shale boom tested as sub-$90 oil threatens U.S. drillers.”

October 8, 2014 Finance, Gas, Oil

Bloomberg: “The U.S. shale boom is producing record amounts of new oil as demand weakens, pushing prices down toward levels that threaten to reduce future drilling.”

Glasgow becomes first university in Europe to divest from fossil fuels.

October 8, 2014 Climate, Coal, Finance, Gas, Oil

Guardian: “Glasgow University has become the first academic institution in Europe to divest from the fossil fuel industry, in a turning point for the British arm of the student-led global divestment movement.”

Brent oil retreats to 28-month low.

October 2, 2014 Oil

FT: “Brent crude hit a 28-month low on Thursday while benchmark US oil dropped below the $90 a barrel mark for the first time since April 2013, pointing to significant stocks on both sides of the Atlantic.”

Environmentalists’ appeal to foundations on climate: the full case.

October 2, 2014 Clean Energy, Climate, Coal, Commentaries, Finance, Gas, Oil
Jeremy Leggett in Recharge magazine: “Imagine two armies lining up for a make-or-break battle in a civil war. Envisage a group of financiers, worth hundreds of billions, most of whom want a certain side to win.”

First commercial-scale CCS plant finally operational – & dependent on oil.

October 1, 2014 Climate, Coal, Oil

Guardian: ”Canada has switched on the first large-scale coal-fired power plant fitted with a technology that proponents say enables the burning of fossil fuels without tipping the world into a climate catastrophe.”

How shills for the oil & gas industry bully people to invest in fracking.

October 1, 2014 Finance, Gas, Oil

An e-mail received. “This is the last time I’m going to write you about this. I’ve made numerous offers already, and this will be the final one Quite frankly, only a fool would sit on the sidelines on a bull market this big. ….Do you hate money?

Exxon releases report on fracking impacts, under shareholder pressure.

September 30, 2014 Finance, Gas, Oil

NYT: “Exxon Mobil issued a report Tuesday that acknowledges the environmental risks of hydraulic fracturing but also defends the practice as being better for the environment than other types of energy production and generation.”

UBS: Divestment will catalyse “significant, structural” change in energy.

September 30, 2014 Clean Energy, Climate, Coal, Finance, Gas, Oil

UBS Global Research (no url, paper for clients): “Following on a series of recent meetings with our clients, we highlight the fossil fuel disinvestment campaign as potentially effective movement, defined as one that will act as a catalyst for change.”

Rising Marcellus shale output disrupts US gas prices.

September 29, 2014 Gas, Oil

FT: “….The new direction for the Rockies Express shows how pipeline companies are scrambling to keep up with breakthroughs in shale gas drilling. Unlike shale oil, which is booming in North Dakota and Texas, the strongest shale gas growth is in northeastern states.”

US soon to be no. 1 liquid petroleum producer (but still 3rd in crude).

September 29, 2014 Gas, Oil

FT: “The US is overtaking Saudi Arabia to become the world’s largest producer of liquid petroleum, in a sign of how its booming oil production has reshaped the energy sector.”

Latest US shale failure wipes out almost all Sumitomo’s earnings.

September 29, 2014 Gas, Oil

FT: “Sumitomo of Japan has drawn a line under its disastrous two-year foray into shale oil in the US, with writedowns connected to the project almost completely erasing its full-year earnings.”

British firm Ineos accused of ‘bribes and bulldozers’ approach to fracking.

September 29, 2014 Gas, Oil

Guardian: “One of Britain’s biggest industrial firms has been accused of taking a “bribes and bulldozers” approach to fracking after unveiling a multi-billion pound plan to compensate landowners and local communities affected by its plans to use the controversial drilling technique.”

Rosneft and ExxonMobil find oil with their $700m Arctic well.

September 27, 2014 Oil

FT: “Russia’s top crude oil producer Rosneft confirmed on Saturday that it has made an oil discovery with ExxonMobil at their controversial joint well in the Arctic.”

Fracking trespass law changes move forward despite huge public opposition.

September 26, 2014 Gas, Oil

Guardian: “Fracking will take place below Britons’ homes without their permission after ministers rejected 40,000 objections to controversial changes to trespass laws.