What is being forgotten in the fight between Maduro and Guaido is that whoever wins, the impetus on the victor will be on maximising output from the country’s oil reserves to help alleviate the country’s crippling economic problems. Because much of this is heavy oil, it is extremely carbon intensive to produce. And that can only be bad news for the climate.
The prospects for the shale industry are looking increasingly bleak this year as it haemorrhages investor cash, continues to experience widespread community resistance, especially in Europe, and fails to find adequate gas reserves.
Although Canada’s controversial tar sands industry celebrated a small increase in production last year, this year’s forecast is looking gloomy, as investors continue to take flight over the climate risks and the relatively low oil price means that other oil patches look more profitable.
As US President, Donald Trump, reluctantly signs new legislation imposing sweeping new sanctions on Russia, it has been revealed that existing sanctions on the country, designed to prevent frontier oil and gas exploration, are not working.
Big banks’ business as usual is killing the climate. From 2014 to 2016, big banks around the world poured $290 billion into extreme fossil fuel companies and failed to respect human rights.
The world’s largest listed oil company, Exxon, announced on Friday it was going to have to cut its reported proved reserves by just under a fifth. It is the biggest reserve revision in the history of the oil industry.
In the past three years, the North American and European commercial and investment banking sector has engaged in fossil fuel financing practices that are deeply at odds with the global climate agreement reached at COP 21 last December.
At the beginning of last week, environmentalists celebrated when the largest energy infrastructure company in North America, Kinder Morgan, pulled the plug on its controversial natural gas pipeline which had been proposed through parts of Massachusetts and Southern New Hampshire, called NorthEast Energy Direct.
Desperate times mean desperate measures. Something has to give. With no end in sight to the low oil price, Canadian tar sands companies are having to sell what are being described as their “jewels in the crown” in order just to survive.
Every day the low oil price is causing more pain for the oil and gas industry and no company or region is immune from the damage being caused.