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Trouble in fracking paradise
Chris Nelder, Smart Planet
The shale revolution is “a little bit overhyped,” Shell CEO Peter Voser said last week as his company announced a $2.1 billion write-down, mostly owing to the poor performance of its fracking adventures in U.S. “liquids-rich shales.” Which of its shale properties have underperformed, Shell didn’t say, but CFO Simon Henry admitted that “the production curve is less positive than we originally expected.”
Shell was a latecomer to the tight oil game. As late as 2010 it was acquiring mineral rights at inflated prices, predicting that those properties would produce 250,000 barrels per day in five years. Three years down the road, they are yielding only 50,000 barrels per day, and the company intends to sell half of its shale gas and tight oil portfolio. Shell has officially abandoned its production target of 4 million barrels per day by 2012-2018. Instead, Voser said, “we are targeting financial performance.”
Second-quarter earnings were dismal for the so-called oil supermajors. Shell, BP, Exxon Mobil, Chevron, Total SA, Statoil, and Eni SpA all reported sharply lower profits…
(7 AUgust 2013)
Censored EPA PA Fracking Water Contamination Presentation Published for First Time
Steve Horn, DeSmog Blog
Exclusive: Censored EPA PA Fracking Water Contamination Presentation Published for First Time (via Desmogblog)
DeSmogBlog has obtained a copy of an Obama Administration Environmental Protection Agency (EPA) fracking groundwater contamination PowerPoint presentation describing a then-forthcoming study’s findings in Dimock, Pennsylvania. The PowerPoint presentation…
