ExxonMobil, the largest US oil group, is giving $1m to support a US campaign to address the threat of climate change by introducing a carbon tax, which would return revenues to the public in dividend payments. It is the first large oil company to support the campaign, which is seeking bipartisan support for its plan to put a relatively high price on carbon while abolishing existing regulations on greenhouse gas emissions. Exxon will give the $1m to the campaign over two years.
FT 9th Oct 2018 read more »
Royal Dutch Shell may be spending billions of dollars on renewable energy and electric cars, but the oil major is not straying far from its fossil fuel roots just yet. The energy giant’s chief executive Ben Van Beurden has warned the industry not to be swayed by the flurry of headlines marking Shell’s steps towards cleaner energy. “Even headlines that are true can be misleading,” he told delegates at a London conference. “They might even make people think we have gone soft on the future of oil and gas. If they did think that, they would be wrong,” he said. Speaking one day after the UN’s landmark climate report warned that more must be done to reduce greenhouse gas emissions, Mr Van Beurden said Shell still “means business” on oil and gas. Shell plans to invest between $1bn to $2bn every year on building a foothold in the electricity sector by investing in renewable electricity, home energy supply and electric vehicle charging. But the investment pot is still dwarfed by its $25bn annual budget for Shell’s traditional activities exploring and producing oil and gas.
Telegraph 9th Oct 2018 read more »
The burgeoning shale gas sector will remain shackled by strong opposition to fracking despite a fresh Government push to support onshore fossil fuel producers, ratings agency Fitch has warned. The recent flurry of support from Government ministers could in fact strengthen grass-roots opposition to further drilling projects, Fitch added. Cuadrilla is due to restart fracking at its Preston New Road site after a seven-year hiatus later this week after years of political indecision over the safety of shale gas extraction. It brushed off a last-ditch appeal to block drilling through a temporary court injunction to be heard on Wednesday, and has vowed to press ahead within days. However, while the restart is “significant” it “will not mark an inflection point for the industry”, according to Fitch. “Vehement social opposition to the development of a shale gas industry in the UK will remain the largest barrier to progress,” the report said.
Telegraph 8th Oct 2018 read more »
Fracking laws on earthquakes could be relaxed to encourage more drilling, the energy minister has suggested. Homeowners living near Britain’s shale gas sites may have to put up with more powerful earth tremors under plans revealed in a letter by Claire Perry. The current rules can force frackers to down tools following even a minor quake measuring above 0.5 magnitude on the Richter scale. A tremor of this intensity would be barely perceptible to most residents, but would register as a ‘red’ on the Government’s fracking safety traffic light. A red light would bring all fracking work to an immediate stop, and even seismic quivers below 0.5 magnitude would be considered an ‘amber’ signal to proceed carefully.
Telegraph 9th Oct 2018 read more »
Guardian 9th Oct 2018 read more »