Posts in extreme energy
- 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.
- For a while now a growing number of people have been asking a series of pertinent questions about Shell’s Arctic drilling operations, which could probably be boiled down to this: Why would the global oil giant risk billions of dollars of its own money, irreparable damage to a pristine environment, as well as exacerbate climate change by drilling in the Arctic for oil that we can never afford to burn?
- When oil prices crashed late last year, the high-cost and capital intensive tar sands sector took a hit. The industry had already been showing signs of weakness with underperforming stocks, project cancellations, and serious concerns about market access. But low oil prices have driven a whole new level of cost cutting and project delays.
- Shell is currently moving its drilling rigs to Seattle in anticipation of resuming its US offshore Arctic drilling programme in July. However, it is far from clear that Shell has adequate physical or financial plans to deal with the impacts of a major oil spill in this remote region.
- Oil Change International, Greenpeace, and Platform – February 2015 Download Briefing On 29 January 2015, Royal Dutch Shell confirmed that it intends, subject to regulatory approval, to resume its US Arctic drilling programme at a cost for 2015 of at least $1bn. To date, Shell’s Arctic programme has been a failure despite capital expenditure in...
Continue reading 'Frozen Future: Shell and the US Offshore Arctic'.
- An Alberta government report has dismissed the notion that the Canadian state had failed to collect billions of dollars in royalties in previous years. Former Auditor General Peter Valentine, who authored the report also said the system for collecting economic rent from the oil and gas industry was “generally well-designed, if not always well-executed.”
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