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2015-07-03 18:10:00

EUROPE: NO FRACKING

EUROPE: NO FRACKING

The quest for European energy security this week suffered a pair of setbacks in Britain and Germany, two countries with large reserves of shale oil and gas. Vladimir Putin must be pleased.

In northwest England, the Lancashire County Council on Monday turned down a hydraulic-fracturing proposal by Cuadrilla Resources. The decision came despite local planners' recommendation that Cuadrilla's bid be approved. The council had rejected another Cuadrilla application four days earlier. The company is considering an appeal.

The council emphasized the noise, traffic and aesthetic downsides associated with fracking. That's because the environmental case against fracking—which involves injecting high-pressure fluids into shale to extract oil and gas—has collapsed. Even the Obama Administration's Environmental Protection Agency has concluded that the practice doesn't contaminate ground water, as the green lobby alleges. So the council fretted about what fracking might do to Merrie England charm.

The real culprit here is Britain's onerous regulatory framework. Parliament in January defeated an outright moratorium. But it also adopted numerous restrictions that together amount to a de facto ban, not least by allowing local councils such as Lancashire's to overrule their own professional planners.

The pity is that Britain's vast shale resources—including an estimated 1,300 trillion cubic feet of shale gas beneath northern England—could turn the U.K. into a European energy powerhouse. That's not going to happen unless Prime Minister David Cameron makes good on his first-term vow to "go all-out for shale."

As for Germany, the battle is over legislation that would temporarily ban and severely restrict fracking, as opposed to the current regulatory limbo. But lawmakers this week resolved to postpone debate until the fall—delaying even longer the prospect of commercial fracking in Europe's largest economy.

Environment Minister Barbara Hendricks, a Social Democrat in Angela Merkel's coalition government, last July proposed a moratorium on most forms of fracking until 2021. The resulting legislation that passed the cabinet in April softened her line somewhat, restricting fracking until 2019, after which commercial fracking could only go forward after passing various tough regulatory hurdles. Now the future of the measure is unclear.

Germany's Federal Institute for Geosciences and Natural Resources estimates that the country has 2.3 trillion cubic meters of shale gas—enough to meet domestic need for a century. Yet it imports 90% of its gas, much of it from Russia. Germans pioneered fracking technology in the 1960s, and their pipelines could supply the rest of the Continent. Instead Berlin is choosing dependence on Mr. Putin and other petro-despots over an energy and economic revolution that could transform Europe.

wsj.com

Tags: EUROPE, GAS, FRACKING

Chronicle:

EUROPE: NO FRACKING
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

EUROPE: NO FRACKING
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

EUROPE: NO FRACKING
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

EUROPE: NO FRACKING
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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