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the frack thread
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RenewableCandy



Joined: 12 Sep 2007
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PostPosted: Mon Jan 09, 2012 8:37 pm    Post subject: Reply with quote

Weren't we exporting sand to the Saudis at one point Very Happy ?
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mobbsey



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PostPosted: Mon Jan 09, 2012 9:38 pm    Post subject: Reply with quote

Important line in here is "As competition among buyers intensifies, overseas investors are paying top dollar for fields where too few wells have been drilled to assess potential production".

Given the large variability in gas well production, and lower than expected returns in existing areas, a lot of investors might get burnt playing with shale gas. Certainly it means the promise of low future prices won't hold true as producers try to recoup costs.


Quote:
http://www.bloomberg.com/news/2012-01-09/shale-bubble-inflates-on-near-record-prices-for-untested-fields.html

Shale Bubble Inflates on Near-Record Prices

Joe Carroll and Jim Polson, Bloomberg, 9th January 2012


Surging prices for oil and gas shales, in at least one case rising 10-fold in five weeks, are raising concern of a bubble as valuations of drilling acreage approach the peak set before the collapse of Lehman Brothers Holdings Inc.

Chinese, French and Japanese energy explorers committed more than $8 billion in the past two weeks to shale-rock formations from Pennsylvania to Texas after 2011 set records for international average crude prices and U.S. gas demand. As competition among buyers intensifies, overseas investors are paying top dollar for fields where too few wells have been drilled to assess potential production, said Sven Del Pozzo, a senior equity analyst at IHS Inc. (IHS)

Marubeni Corp. (8002), the Japanese commodity trader, last week agreed to pay as much as $25,000 an acre for a stake in Hunt Oil Co.s Eagle Ford shale property in Texas. The price, which includes future drilling costs, exceeds the $21,000 an acre Marathon Oil Corp. (MRO) paid last year for nearby prospects owned by KKR (KKR) & Co.s Hilcorp Resources Holdings LP. In the Utica shale of Ohio and Pennsylvania, deal prices jumped 10-fold in five weeks to almost $15,000 an acre, according to IHS figures.

I dont feel confident that the prices being paid now are justified, Del Pozzo said in a telephone interview from Norwalk, Connecticut. Im wary.


Vast New Resources

The worlds largest energy producers, including Exxon Mobil Corp. (XOM) and Royal Dutch Shell Plc (RDSA), are revisiting onshore U.S. prospects passed by in recent decades in favor of deep-water finds in West Africa and the Gulf of Mexico. New drilling techniques developed in the Barnett shale of north Texas have enabled companies to crack previously-impervious formations.

Overseas explorers such as China Petrochemical Corp. and Total SA (FP) want to learn from U.S. partners so they can exploit vast shale resources in Europe and Asia, said Mark Hanson, an analyst at Morningstar LLC in Chicago.

The U.S. holds an estimated 2,543 trillion cubic feet of gas, enough to meet domestic demand for more than a century at current rates of consumption, according to the Energy Department in Washington. Shale accounts for 862 trillion of that total, or 34 percent. In China, shale formations hold an estimated 1,275 trillion cubic feet of gas, 12 times as much as the nations so- called conventional fields.

{SNIP}
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PS_RalphW



Joined: 24 Nov 2005
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PostPosted: Mon Jan 09, 2012 9:58 pm    Post subject: Reply with quote

According to Rockman over at TOD shale gas is entering the 'exuberent irrationality' phase of the commodity bubble.

He boasts how he bought so many concessions after he NG bubble burst in the 1970s that he got only 2 dry holes out of 25 wells drilled. Gas was $0.90 /mcf (currently $3 mcf) and his first hole cost $0.14 mcf to drill.
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emordnilap



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PostPosted: Tue Jan 10, 2012 4:01 pm    Post subject: Reply with quote

A small victory in my neck of the woods.

Quote:
Clare County Council has become the country's first local authority to move to alter its county development plan to ban fracking
At their monthly meeting last night councillors voted unanimously to amend the development plan to put a halt to all intrusive shale gas extraction practices and called on the Government to implement a nationwide ban.


While coco resolutions such as this have no legislative teeth, it's a good start.
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mobbsey



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PostPosted: Fri Jan 13, 2012 5:49 am    Post subject: Reply with quote

See info on Huffington Post article, Shale Gas Bubble: Insiders Suggest Fracking Boom Is a Bust, in 'News' section.
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emordnilap



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PostPosted: Fri Jan 13, 2012 12:07 pm    Post subject: Reply with quote

Yeah, this "gas as bridge fuel". Erm, what fossil fuel isn't?
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biffvernon



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PostPosted: Fri Jan 13, 2012 6:36 pm    Post subject: Reply with quote

Seems Bulgarians don't like fracking http://ireport.cnn.com/docs/DOC-729903
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emordnilap



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PostPosted: Fri Jan 13, 2012 6:50 pm    Post subject: Reply with quote

biffvernon wrote:
Seems Bulgarians don't like fracking http://ireport.cnn.com/docs/DOC-729903


Heh heh. 550 comments! Good luck Bulgarians.
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biffvernon



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PostPosted: Fri Jan 13, 2012 7:02 pm    Post subject: Reply with quote

Solidarity event if you're in London: https://www.facebook.com/events/111929368927916/
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raspberry-blower



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PostPosted: Sat Jan 14, 2012 11:14 am    Post subject: Reply with quote

Another interesting article over on Truthout: Fracking: Anatomy of a Free Market Failure
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biffvernon



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PostPosted: Tue Jan 17, 2012 7:31 pm    Post subject: Reply with quote

No fracking in Bulgaria: http://www.sfgate.com/cgi-bin/article.cgi?f=%2Fn%2Fa%2F2012%2F01%2F17%2Ffinancial%2Ff063001S56.DTL&tsp=1
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biffvernon



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PostPosted: Mon Jan 23, 2012 9:46 pm    Post subject: Reply with quote

Scientific American article on methane leakage

http://www.scientificamerican.com/article.cfm?id=fracking-would-emit-methane&page=1
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emordnilap



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PostPosted: Mon Jan 30, 2012 5:37 pm    Post subject: Reply with quote

This is a very useful frack information site, particularly the pdf which lays out the most common claims heard from pollution supporters - and the opposing realities.
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biffvernon



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PostPosted: Wed Feb 01, 2012 9:44 pm    Post subject: Reply with quote

Quote:
The maker of the Oscar-nominated documentary Gasland was arrested and handcuffed at Congress on Wednesday when he tried to film a hearing about the controversial mining method known as fracking.

Josh Fox was ejected from the hearing, on drinking water contamination and fracking, after Republicans objected to having cameras in the committee room.

He was later charged with unlawful entry by Capitol Hill police and ordered to appear in court on 15 February, he told the Guardian.

The confrontation with Fox came as the Environmental Protection Agency released more than 620 documents in support of its finding that fracking had contaminated the drinking water of a small town in Wyoming.

http://www.guardian.co.uk/environment/2012/feb/01/gasland-josh-fox-arrested-fracking
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PostPosted: Thu Feb 02, 2012 11:14 am    Post subject: Reply with quote

Constitution, schmonstitution.
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