COMMENT (June 2014)
and it is so ridiculous given that Russia itself had been starting to develop both shale oil and shale gas with a couple of multi-billion $ joint ventures between primarily Rosneft and Exxon, Shell and BP mainly for shale oil but also increasingly (don’t know where we stand today given the sanctions against the Putins) with Gazprom on shale gas…..Pls see below a recent chart by the EIA (US) on the global “technically recoverable” shale oil and gas resources globally. Russia is among the top countries
having seen how conventional oil and gas reserves have been growing by 40 – 60% in last twenty/thirty years despite record exploitation and based on two factors, a) technological improvements and b) high international oil and gas prices, I do consider today’s “technologically recoverable” resources as potentially “economically viable reserves” in next week…..Just a precautionary principle approach, Where there is a will, there is a way – that goes for all directions. So, I would not rely too much on assumptions or analysis that are close to a “peak oil” mantra. Unfortunately that has not worked. As the former Saudi (!!) oil minister Yamani once said on the occasion of another oil price increase by OPEC and opposed by the Saudies in the 80s, “mankind did not step out of the stone age because humans ran out of stones”…..
with regard to TTIP and ISDS, Chevron has found in May 2013 very clear words towards the Chairman for Trade Policy Staff Committee, USA
“Chevron views investment protection as one of our most important issues globally.”
You can extract from the other attachement how Chevron works and how Chevron “protects his investment in Romania” by using riot police against villagers.
You may probably be able to imagine how investment protection would look like with a legal basis like the ISDS in CETA and TTIP.
– Safety-first-ideology??? – Investment-saving-ideology! –
Concerning the safety-first-ideology, officials in Europe should ask how big the insurance sum is, which Chevron will pledge as a security in order to compensate serious (and obviously automatically expectable) incidents like this:
USA – 19 February 2014 – Free pizza! Chevron issues controversial apology to town plagued by fracking explosion
USA – 11 February 2014 – One hospitalized, one missing in gas well explosion in Greene County
Romania – October 2013 until Now – Pungesti: Romania’s battlefield against Chevron
USA – 15 November 2013 – Officials identify Alabama woman killed in Chevron explosion
USA – 14 November 2013 – Chevron pipeline explodes, burns in rural Texas / Town evacuated
UK – June 2013/June 2011 – Families still waiting for answers two years after Chevron refinery disaster
USA – August 2012 fire – Chevron Richmond Refinery Incident Response
Niger Delta – CHEVRON/TEXACO RIG FIRE
Brasil – 24 November 2011 – The Chevron incident: serious measures must be taken
you can download now the document (as pdf, Beware: it’s 80 MB big) under :
I’ve also attached only the “Who’s Who in Concessions”-part.
Very interesting. On the last page of the document, one can see that the philantrope George Soros (http://www.opensocietyfoundations.org/regions/europe) is investing in a fracked environment (through Soros Fund Management and Quantum Partners).
Report – shale_gas_whitepaper Lots of info about anti fracking campaigns
Ireland Oil and Gas summit 2013
and Tamboran – http://www.tamboran.com/wp-content/uploads/2011/11/Beetaloo_McArthur.pdf
Tamboran in Australia – Beetaloo_McArthur
BUSINESSEUROPE position on shale gas – 20130524 – BUSINESSEUROPE position paper on the exploitation of shale gas in Europe
shale gas firms about shale gas – many studies
At Food & Water Watch / Europe, we took the liberty to buy the URL NGSFacts.com to offer our view on the ugly reality of shale gas activities. It redirects to our fracking web page.
Article from investors page on Tamboran.
Shale Gas Explorer Tamboran Seeks A$19.9 Million Seed Finance As It Eyes 2014 IPO
Tamboran is readying its balance sheet to take its early stage exploration portfolio to the next level. The Sydney-based shale gas explorer is raising seed financing of up to A$19.9 million to fund three vertical wells – two in the Ngalia and Pedirka Basins in Australia and one in the Lough-Allen Basin in Ireland/Northern Ireland – ahead of an IPO, currently slated for H1 2014. At that point, the company, which is currently sitting on 22.6 million net acres of frontier acreage, hopes to have converted some of the speculative P50 gas-in-place estimate of 149 TCF into prospective resources and contingent reserves and will target a potential A$150-A$200 million raise.
That is 12 to 18 months in the future. For now, the focus is a seed raise priced at A$1.50 per share, the same level that ASX heavyweight Santos executed a A$10 million investment in December 2012, when it took a 14 per cent stake in Tamboran. This price values Tamboran’s acreage at A$2.83 per acre, which is a discount to similar transactions in Australia’s fast-emerging unconventional resource sector.
In March 2011, for example, Falcon and Hess struck a JV for acreage adjacent to Tamboran’s Beetalo Basin position priced at A$13 per acre. Other frontier basin deals, such as Statoil’s entry into the McArthur and Georgina Basins with PetroFrontier in June 2012 or the Santos and Total deals with ASX-quoted Central Petroleum of Q4 2012, have ranged from US$3 to US$8 per acre. All of these, of course, were early stage positions: the aim is to derisk the proposition and move the acreage up the value chain to get the kind of US$848 per acre valuation achieved when Chevron made its bet on Australia’s shale gas potential when it acquired Beach Energy’s Cooper Basin interests in February 2013.
That kind of valuation uplift is the end prize. Much work has to be done first to demonstrate the shale gas potential of these frontier lands. That requires cash and Tamboran did well in December 2012 when it landed a cash-rich partner to accelerate the work programme across its acreage in the Beetaloo/McArthur Basins in Australia’s Northern Territory. Santos agreed to invest A$10 million for a 14 per cent stake in Tamboran (which can be increased to 20 per cent if Tamboran succeeds in raising A$20 million on the same terms – the current seed raise is below this top-up trigger). Santos will also earn equity in the EP 161, 162, 189 and EP(A) 299 permits in two stages phased over three years. The first stage involves an A$41 million commitment to earn a 50 per cent stage, with stage two involving another A$30 million spend to increase its stake to 75 per cent. This means Tamboran will be fully funded on this acreage for the next three years. This year Santos will acquire 455 km of seismic and next year, following the IPO, will deliver a three-well-plus drilling programme.
Elsewhere in the Northern Territory, Tamboran owns 100 per cent of 8 million net acres in the Pedirka-Eromanga Basin that could host 12 TCF of gas in place, with stacked play potential in the Poolawanna Sands, Peera Peera Shale and unconventional Walkandi Fm structures. Importantly, the company reckons that this acreage could lie in the liquids window, with the potential for oil at depths of 2,000 to 2,500 metres. There has been drilling in the area and there’s some regional seismic and gravity data. Activity here, however, will kick off following the 2014 IPO, when Tamboran hopes to get busy with seismic acquisition and stratigraphic drilling.
The company also has 100 per cent of 3.6 million net acres in the Ngalia Basin, with a gas-in-place estimate of 50 TCF. Significantly, there’s a gas pipeline to the east of the basin. There has been some successful drilling in the area. Again, work will start following the 2014 IPO.
In Ireland and Northern Ireland, the company holds what it calls a drill-ready exploration project that could be an analogue to the prolific Fayetteville Shale in Arkansas. There’s extensive data here from 13 vertical wells, six of which have been successfully fracked, plus over 770 km of vintage 2D seismic and extensive drill cuttings and cores. Independent consultants reckon there could be 3 TCF of recoverable gas in the Bundoran Shale, with additional upside in additional shale formations. Inhouse modelling of long term well economics suggest that a Bundoran well could cost US$4.39 million all in and deliver an initial production rate of 1.5 million cf/d with a five per cent decline rate: at a gas price of US$11 per MCF, the company would see payout within 22 months. This year the aim is to drill a test 1,500 metre stratigraphic well to provide proof of concept, leading to post-IPO 3D seismic and further drilling in 2015.
The final leg to the company’s portfolio lies in southern Africa, where it has a position in the Gemsbok Basin in Botswana. This is a real frontier but Tamboran isn’t the first to spot the opportunity here: Shell and Falcon/Chevron are exploring in the basin across the border in South Africa. The company, which has a credible management team that has worked on early shale basin development projects around the world, is keen to add further projects to the portfolio.
These are challenging times for small companies and the pre-IPO seed round will be a key test of continuing investor appetite for the shale gas story. The fact that Australian major Santos has become a cornerstone investor in both the company and one of its Northern Territory projects will certainly aid credibility as investors weigh the business case.
What’s all about.
Read it on http://www.frackaware.com/wordpress/?p=480
There’s been quite a flurry in the local media this week (February 2012) over Tamboran’s much-trailed ‘announcement’. In fact the press release, written by the PR giants Weber Shandwick (specialisms include ‘baby-boomer marketing’ and product placement), contained a lot more fluff than substance and several of the industry’s hoarier old tricks.
Think of a number …“A gas exploration project for Northern Ireland could create 600 full time jobs, up to 2,400 indirect jobs”
No one knows where the 600 figure comes from; as the Green Party point out, Tamboran has previously estimated 800 for the whole of Ireland while according to TV3, the (same?) 600 jobs are going to be in Country Leitrim. Could it possibly be a figure plucked from the air, big enough to offer hope to the desperate while small enough to still sound plausible? 2,400 is another suspiciously exact number.
‘up to 2,400 jobs’ could mean three as easily as two thousand. (…)
Compare like with unlike
“and deliver natural gas energy security for the next 50 years.”
This is later explained as the
“[p]otential for ultimate production of up to 2.2 trillion cubic feet (tcf) of shale gas. This equates to 50 years of the current daily consumption of gas in Northern Ireland;”
We don’t, of course, expect either Tamboran or Weber Shandwick to know it, but in Fermanagh, as in much of Northern Ireland, we don’t consume any mains gas at all. Fifty times hardly anything is, er, not very much.
And more and more on http://www.frackaware.com/wordpress/?p=480
Please note: Tamborans website is not up to date…
September = September 2011
No well is drilled. http://www.tamboran.com/operations/ireland-uk/project-status/
White paper – international anti fracking campaign – http://www.controlrisks.com/Oversized%20assets/shale_gas_whitepaper.pdf
About Shale Gas Europe
The shale gas debate in Europe is extremely important for the future of our energy supply. It is therefore essential that the debate is balanced, informative and engaging to allow the public to come to their own conclusions on the issue.As a result, the industry decided to set-up a dedicated resource centre that is open to anyone who wants to understand more about shale gas, tight gas and coalbed methane.
Launched in 2012, this platform will bring together industry, experts and academics to collect, share and communicate the interesting science and technology involved in shale gas exploration. It will also show the facts about the potential of responsibly developing Europe’s onshore energy reserves of shale gas. So please explore our website’s factsheets, videos, articles and links to the most up-to-date research, facts and figures. Please feel free to contact us. We would like to hear from you and welcome your questions and suggestions.
Shale Gas Europe is supported by:Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company’s success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world.
Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif.
Cuadrilla is a UK company based in Staffordshire. Formed in 2007 as a privately owned exploration and production company, our focus is on bringing together experts to recover natural resources, such as those found in Lancashire. Members of Cuadrilla’s management team have each played leading roles in the drilling and/or hydraulic fracturing of more than 3,000 natural gas and oil wells across the world. Cuadrilla is aiming to be a “model company” for unconventional exploration in the UK. It is acutely aware of the responsibilities this brings, particularly with regard to safety, environmental protection and working with local communities. The company has some 70 staff in the UK both directly employed and through contractors, mostly based at the well sites.Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With nearly 70,000 employees in approximately 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field.
Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 90 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.
Statoil is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world’s energy needs in a responsible manner, applying technology and creating innovative business solutions. We are headquartered in Norway with approx. 21,000 employees worldwide, and are listed on the New York and Oslo stock exchanges.
Total Gas Shale Europe (TGSE) is a 100% affiliate of Total SA the fifth largest publicly-traded integrated international oil and gas company who operates in more than 130 countries. Total is committed to meeting growing energy demand while consistently acting as a responsible corporate citizen. Total Gas Shale Europe (TGSE) carries out activities related to exploration and production of shale gas for the Group in Europe. In this perspective, the objective for TGSE is to participate to the ongoing exploration phase for shale gas and bring its contribution to their potential development in the most sustainable and acceptable way possible. Today, its activities are concentrated on Denmark and Poland, under the licenses held by the Group.
Vermilion Energy Inc. (Vermilion) is an oil-leveraged producer that adheres to a value creation strategy through the execution of full cycle exploration and production programs focused on the acquisition, exploration, development and optimization of producing properties in Western Canada, the broader European region and Australia. Vermilion is targeting annual growth in production primarily through the exploitation of both conventional and unconventional resource plays in Western Canada, including Cardium light oil and liquids rich natural gas, the exploration and development of high impact natural gas opportunities in the Netherlands and through drilling and workover programs in France and Australia. Vermilion also holds an 18.5% working interest in the Corrib gas field in Ireland.
How it works – http://www.youtube.com/watch?v=DniNIvE69SE&NR=1
Information movie about hydraulic fracturing
Coal Lobby Warns Wind Farms May Blow Earth Off Orbit
Panelists debate whether the U.S. is doing enough to heed the warnings of coal industry scientists who say turbines could blow the Earth right into the sun
– http://www.youtube.com/watch?v=F0UkH81NMTo (Febr. 2012)
DATA confirm safety of well fracturing
www.halliburton.com/public/pe/contents/Papers_and_Articles/web/A_through_P/AOGR%20Article-%20Data%20Prove%20Safety%20of%20Frac.pdf (July 2010)
For correspondence re. Barnet Shale between a campaigner and CEO Richard Moorman see newsletter 14-12(49)
Communication Challenges – http://www.naturalgaseurope.com/communications-challenges-in-the-unconventional-world European unconventional Gas summit Krakow; 27-29 Septmber 2011
Exxon: The unconventional potential of Europe – http://www.naturalgaseurope.com/exxon-the-unconventional-potential-of-europe-3047 (15 October 2011)
Michael Engell-Jensen (Intern. Ass. Of Oil and Gas Producers) at EU forum
A primer on shale gas: breaking things down for policymakers
As shale basins appear to be emerging across Europe, government officials and policymakers in Brussels are struggling to grasp the concepts associated with unconventional gas.
In his address to delegates at the European Unconventional Gas Forum in Krakow, Poland, Michael Engell-Jensen, Executive Director at International Association of Oil and Gas Producers, suggested getting away from the expression “unconventional gas.”
Breaking things down for plicymakers – http://www.naturalgaseurope.com/breaking-things-down-for-policymakers-3330 full article
Do the right thing: Tamboran in EU Parliament magazine page 56-57 – http://www.theparliament.com/digimag/issue337 How Ireland could benefit of shale gas
This article exposes fracking insiders lecturing on how they employ US military psychological warfare experts to use against the public in communities where they drill: – http://articles.businessinsider.com/2011-11-09/news/30376767_1_download-cnbc-oil-industry-conference
World Shale Gas Conference – http://www.worldshalegas.org/CWCFiles/MicroSite_Files/WSG_10/Event_Content/WorldShaleGas2011%20low%20res%20July.pdf
THE COMPANIES and the UNIVERSITIES
Enegi Oil and the University of Aberdeen are both members of the The Scottish Oil Club. – http://www.scottishoilclub.org.uk/membership.htm Full text and list of Corporate members also on Newsletter 11-12 (46)
Shale gas and investment – event sponsored by the Scottish Oil Club – http://www.scottishoilclub.org.uk/111110.htm