There will be no decisions made on fracking in Ireland for at least 2 years
The department of Minister of State Joe McHugh has issued a statement in response the announcement by Mark Durkan.
THE DEPARTMENT OF Communications, Energy and Natural Resources has issued a response to the decision by Northern Ireland’s Environment Minister Mark Durkan to block fracking in the region.
The Department says that Durkan’s decision “is a matter for the Northern Ireland authorities” and that “no licences have been granted that would allow the use of hydraulic fracturing in exploration for unconventional gas” in Ireland.
It goes on to clarify:
There is also a commitment that applications proposing the use of this technology will not be evaluated until there has been time to study the findings of a major two-year EPA led research programme that is about to commence which will consider the potential impacts on the environment and human health from unconventional gas exploration.
Sinn Féin yesterday welcomed the announcement by the Northern Irish Environment Minister Mark Durkan that Australian company Tamboran had been denied permission to carry out deep bore test drilling in Belcoo, Fermanagh.
The party have also expressed strong opposition to proposed fracking in the Republic of Ireland. In a statement on the issue, Durkan said:
In making this assessment I have been mindful of my department’s responsibility to ensure that the environment is protected at all times and that full consideration is give to any likely significant environmental impacts of such a proposal.
Tamboran’s plans to drill at Belcoo had been facing protests for a number of weeks from local protesters opposed the the proposed extraction. The Northern Irish Minister with responsibility for Energy Arlene Foster has spoken out in support of an open view towards fracking.
The DUP MLA said on the issue “I hope that people will allow an objective assessment to be made.”
It is thought that natural gas reserves underneath Leitrim and Fermanagh could be worth in the region of €50-100 billion, although nobody has been able to say this with any certainty.
Speaking about the possibility of fracking in Ireland, Sinn Féin MEP Matt Carthy said:
“I recently visited the site of the proposed deep bore test drilling in Belcoo and met with local campaigners. I did so because I am convinced that fracking would be detrimental to the local economy and natural environment. I would be particularly devastating for farming and tourism”.
In far too many instances in rural Ireland the concerns of local communities are ignored or dismissed. The move by Minister Durkan was the right one. Minister White must now follow suit.
Previously fracking licences were given to Tamboran Resources, The Lough Natural Gas Company and Enegi Oil in 2011 by the then Fianna Fáil Minister for Communications, Energy and Natural Resources Conor Lenihan.
Hmm… a lack of cash flow. Those of us who have spent the past few years researching the industry know full well by now that all the frackers do to communities is loot, pollute and scoot. They’re not wanted here or anywhere else!
via US economist Dr. Deborah Rogers:
EIA CORROBORATES THE WORK OF ENERGY POLICY FORUM
Over a year ago, on 19 June, 2013, Energy Policy Forum (EPF) wrote a post exposing the explosion of capital expenditure by shale operators to drill and complete wells and the concomitant lack of free cash flow. Unless operations can produce sufficient cash, the exercise is obviously unsustainable. At some point a company simply hits the proverbial financial wall.
Now EIA, the forecasting arm of the US Department of Energy has corroborated EPF’s work. EIA states:
“Based on data compiled from quarterly reports, for the year ending March 31, 2014, cash from operations for 127 major oil and natural gas companies totaled $568 billion, and major uses of cash totaled $677 billion, a difference of almost $110 billion. This shortfall was filled through a $106 billion net increase in debt and $73 billion from sales of assets, which increased the overall cash balance.”
EIA went on to say:
“The gap between cash from operations and major uses of cash has widened in recent years from a low of $18 billion in 2010 to $100 billion to $120 billion during the past three years.”
Actually the original estimate by the Irish times based on 2.2 trillion cubic feet of gas in leitrim and us price of 2.50 dollars/thousand cubic feet at the time was 55billion except they made a mistake.. as that is 5.5 billion.
You’ve guessed it a zero extra. Hope Tamboran’s engineers have better maths.
2.2 tcf of gas at UK balancing point figures recently of 7 dollars/mcf would see it worth 15.4 billion usd 11.52 Billion Euros.
now Tamboran stated this was with a 7 billion Euro investment and 4.9 billion euro in corporate tax [ ie 11.9 Billion Euros]
..Seems Tamboran’s maths are a bit out, and I wouldn’t let them within an asses roar of drilling a borehole..
This has the original figures.. OK I know that gas prices go up and down, but one can now see how relevant the price is to the figures.. Another interesting fact is that Tamboran say they can drill and frack a well in Ireland where there is no gas infrastructure for 4.4million dollars yet in UK bowland Shale AMEC consultants state this will be approx 14.4 million dollars equivalent. Now anyone can see that even doubling the cost of the well, also requires gas at double the price it is today to make the project break even.. But then read the latest from wall street where shale is where money goes to die.
France studied the evidence. They banned it in June 2011. The decision was upheld by the highest court in the land in October 2013. Bulgaria studied the evidence. They banned it in January 2012. The Luxembourg government studied the evidence. They ruled out fracking in June 2012. New York State has looked at the evidence, from over 250 medical professionals. The governor extended the moratorium again only a few weeks back. I’ve lost count of the number of communities in the States and elsewhere that have placed bans or moratoria on fracking.
In the three years I have been following this campaign, not a week goes by without some place banning fracking or another university publishing a peer-reviewed study. In my view, it will soon be impossible to ignore the growing body of peer-reviewed scientific evidence for much longer – http://www.psehealthyenergy.org. Oh, and I almost forgot to mention the German Ministry of the Environment’s report which supports a ban. If the German govt goes for an outright or even a partial ban on fracking in the autumn, while Ireland continues to carry out a study looking at the ‘evidence’, we will be the laughing stock of Europe.
This government may be awaiting the outcome of the Transatlantic Trade and Investment Partnership (TTIP). This is currently being negotiated by the EU and the US behind closed doors. There is a part of that, Investor-State Dispute Settlement (ISDS), that proposes to set up an international court, that will sit in secret and whose decisions are irreversible, where foreign investors may sue Governments for loss of profits due to unfavourable legislation. This will inhibit governments from passing environmental or social legislation, such as blocking fracking or setting a minimum wage, for fear of an expensive lawsuit