Opinion: Fracking undefendable after Paris climate talks
The recent agreement at the Paris conference on climate change, COP21, is according to Barack Obama “the best chance we have to save the one planet we have”.
shale
Chevron cuts 2016 spending by 24%, plans bulk of costs on international projects
Oil giant Chevron said it will cut its budget by 24% next year as it aims to control spending following the decline in oil price. The company said it would spend $26.6billion in 2016, with the bulk of spending planned on international oil and gas exploration and production projects.
Scottish Government to research impacts of onshore unconventionals
The Scottish Government has invited tenders for a research programme into the potential impacts of onshore unconventional oil and gas extraction.
Nine companies said to have applied for fracking licences in Scotland
A number of companies have applied for licences to exploit shale gas in Scotland, according to new data. The investigative journalism website, The Ferret, said a total of nine companies had applied to look at potential shale reserves.
UK Government to decide on Cuadrilla shale schemes
Ministers have been accused of hypocrisy after it was revealed the Government would make the decision on whether to allow two Cuadrilla shale schemes in Lancashire.
Osborne’s shale push makes no sense with oil price so low
In a performance that most magicians could only dream of aspiring towards, Chancellor George Osborne delivered an alleged austerity autumn statement that both mesmerised and left red-faced the Chairman Mao little red book-waving Labour opposition.
Saudi oil minister says OPEC will help stabilise market
Saudi Arabia is working with other OPEC members and producers from outside the group to stabilise the market, Saudi Oil Minister Ali al-Naimi said.
OPEC menaced by US shale hits Canada harder in price fight
OPEC took a swing at US shale and knocked down Canada. Threatened by surging production from North America, the Organization of Petroleum Exporting Countries has been pumping above its quota for 17 months as it seeks to take market share from higher-cost regions. The resulting 60 percent price crash is hitting Alberta harder than Texas. Canadian producers are struggling to cut the cost of extracting bitumen from the oil sands, and their other wells are failing to match the efficiency gains of US rivals, a Bloomberg Intelligence analysis shows.
OPEC challenges shale afresh as Iraq crude floods Gulf of Mexico
OPEC’s latest challenge to U.S. shale oil producers would be about two miles long, lined end to end, and weigh almost 3 million metric tons. It’s due to reach American ports this month.
Canadian Police visit Pennsylvanian counterparts to learn about shale activists
Police in Canada visited Pennsylvania to learn more about how to deal with public resistance to shale gas development. According to reports, the Halifax Media Co-op obtained a partial travel itinerary as well as approved budgetary expense which showed $12,082 was spent on the four day-trip. The travel event was titled “Shale Gas – Police Opportunities” and took place between June 2 and June 5 last year.
INEOS strikes deal with ExxonMobil and Shell to supply US shale gas to Fife Ethylene Plant
INEOS has struck a deal with ExxonMobil Chemical and Shell Chemicals Europe to supply ethane from US shale gas from Grangemouth to the Fife Ethylene Plant. The purchase agreement will be from the middle of 2017 and it is hoped access to this source will help complement supplies from North Sea natural gas fields. Geir Tuft, business director at INEOS O&P UK, said the deal was a “landmark agreement”.
US shale producers get ready for budget cuts in 2016
US shale oil producers have reduced the fat from their 2015 budgets after a 50% drop in crude prices. Shale companies including Devon Energy Corp, Continental Resources and Marathon Oil released their preliminary 2016 plans for spending. The cuts come after between 30% and 40% reductions earlier this year. Lower costs and improved productivity would allow them to hold shale oil production largely flat.
Oil producers curb mega-project ambitions to focus on US shale
A stubborn 16-month crude rout with no end in sight is driving the largest US oil producers away from costly, high-risk mega-projects long touted as the industry’s future and toward safer shale operations that generate the cash needed to satisfy anxious investors.
Oil producers curb megaproject ambitions to focus on US shale
Big US oil companies are starting to think small. A stubborn 16-month crude rout with no end in sight is driving the largest US oil producers away from costly, high- risk megaprojects long touted as the industry’s future and toward safer shale operations that generate the cash needed to satisfy anxious investors. Exxon Mobil Corp., Royal Dutch Shell, Chevron Corp., ConocoPhillips and Hess Corp. have all either delayed or abandoned projects that range from the deep seas of the Gulf of Mexico to Canada’s oil sands and the US Arctic. At the same time, Exxon and Chevron both announced plans to substantially increase US crude production, largely as a result of their shale operations.
Opinion: We have renowned scientists in the UK but can you name a female scientist?
The United Kingdom is home to some of the most renowned scientists in the world. Yet if you asked many people they might find it difficult to name anyone apart from Stephen Hawking. Ask them to name a female scientist and I think they would struggle but we have some exceptional scientists in Dame Athene Donald, Dame Jocelyn Bell Burnell and Dame Carol Richardson amongst others. Encouragingly, more women than ever before are working in science, technology and engineering occupations, according to official data. The Labour Force Survey reveals that nearly 800,000 women work in Science, Technology, Engineering, and Mathematic occupations, 104,000 more than in 2014.
UKOOG hails appointment of science educator
A pressure group for the unconventional oil and gas industry in the UK has hailed the appointment of a leading science educator to spearhead efforts to reassure communities that fracking is safe. Ukoog, which also represents the interests of other uncoventional onshore oil and gas plays, has appointed Professor Averil Macdonald as its chair. Professor Macdonald is Emeritus Professor of Science Engagement at the University of Reading and a board member of WISE (Women in Science and Engineering), consultant director of Highbury College, and was chair of the Expert Group for Women in Science until 2015.
MP self-funds trip to the US as decision looms over shale bid in his own constituency
An MP whose constituency has a decision date on a fracking application looming self-funded a trip to the US in a bid to find out more about the production method. Thirsk and Malton MP Kevin Hollinrake flew out to the state of Pennsylvania for a week to meet with industry leaders, regulators and academics. The decision to go on the fact-finding mission was prompted by fracking applications in his own area.
Sanchez Energy sells assets in $345million deal
Sanchez Energy will sell off a number of assets in the US in a $345million deal. The deal will see Sanchez Production Partners acquire and operate certain pipeline, gathering and compression assets located in the Western part of its Catarina asset in the Eagle Ford Shale in South Texas. The proceeds from the Western Catarina Divestiture will be used to further enhance Sanchez’s Energy’s liquidity position which is expected to enable the company to pursue growth opportunities through asset acquisitions.
Shale’s retreat threatens to leave US short of natural gas
The retrenchment in drilling for US oil is threatening to leave a different market short: natural gas.
US shale oil driller Samson files for bankruptcy
US oil and gas driller Samson Resources has filed for bankruptcy in Delaware, undone by a collapse in energy prices and billions in debt that KKR & Co. and other investors piled on to fund a 2011 takeover.
Group calls for fracking moratorium extension
SNP members have formed a lobby group to encourage the Scottish Government to extend its temporary moratorium on fracking.
Fracking could be ‘bridge’ to low carbon future, shale gas taskforce says
The Government should invest revenues from UK shale gas production in research and development of renewables and low carbon technology, it has been urged. Shale gas, which is extracted through controversial fracking, could play a role as a “bridge” to a low carbon future, Lord Chris Smith said as the task force on shale gas he chairs published a report on the climate impacts of the fuel. But to minimise its impact and to ensure it does not hinder the development of renewables, the Government needs to invest the revenues it received from energy taxes and royalties into research and development of low carbon technology. The money could give more of a push to areas such as battery storage, which allows power from intermittent renewables to be stored until it is needed, and to technologies including wave and tidal power which need to be developed, he said.
Shale drillers pump more oil from each well as rigs mean less
Shale producers in the US have learned to do more with less. Last year’s price crash forced drillers to cut budgets, reducing the number of rigs in U.S. oil fields by 59 percent from the peak. Crude production, though, has fallen only about 5 percent. Part of the reason for that is a spurt of innovation driven by desperation. Rig productivity increased last month in all shale oil plays, the Energy Information Administration said in a report Monday, as companies drill more wells in less time.
Shale producers clobbered by oil rout face added Iran supply
Shale oil producers already awash in a supply glut face added crude as early as next year after an agreement to ease sanctions on Iran cleared a Senate obstacle. A Senate vote Thursday paved the way for President Barack Obama to ease financial penalties for doing business with Iran. Democrats kept Republicans’ disapproval resolution from advancing in a 58-42 procedural vote, with 60 required. That may allow additional Iranian exports to hit the market as early as the first quarter of 2016.
Natural gas output in US set to fall in September
Natural gas production across all major shale regions in Energy Information Administration Drilling Productivity Report (DPR) is projected to decrease for the first time in September.