Daily Archives: April 28, 2010

Fiona Harvey

We can expect carbon allowance prices, which are over €15 and testing six- and seven-month highs, to stay around current levels for a while. Whether prices will go high enough to spur investment in low-carbon energy, however, is another question altogether. Read more

Kate Mackenzie

How safe is hydro-fracking? An expert on the Marcellus shale says that some drillers – and some environmentalists – are making overblown statements about the safety or otherwise of shale gas drilling.  Read more

Carola Hoyos

For a long time, Total, the French oil company, has been one of the boldest of its peers when it comes to venturing to politically troublesome countries. Burma, Sudan and Nigeria are all on the list of countries in which it has investments. The stock line has been that unless United Nations sanctions prohibit investment, Total will consider the country fair game. Read more

Ed Crooks

As Royal Dutch Shell reports first quarter results – matching BP in comfortably exceeding analysts’ expectations – its chief financial officer Simon Henry has had some interesting things to say about the company’s plans in China. Or rather, it would be more accurate to say, “with China”. Read more

Kate Mackenzie

[Chart] Both these companies reported much higher profit rises than consensus analyst forecasts had expected this week. Guess which one was overshadowed by a massive oil spill clean-up? Read more

Kate Mackenzie

It wasn’t speculators, and it wasn’t fundamentals – at least, not short-term fundamentals. The key to understanding what has driven crude oil prices since the financial crisis began, according to a new paper by Bassam Fattouh, is what oil market participants chose to believe about long-term fundamentals. Read more

Kate Mackenzie

- Safety lessons in a dangerous industry

- Potential safety violations found in eight of 10 recent offshore fires

- Oil rig cook haunted by nightmares since blast

- Rising costs and rising risks of oil exploration

- Global downturn ‘cushioned peak oil’

- Obstacles faced by Mediterranean Desertec project [And more] Read more

Kate Mackenzie

Oil spill overshadows BP’s results; BP in race to limit slick damage – FT

Federal investigators, Congress step up probe of rig explosion – Houston Chronicle

BP opposed new safety rules – WSJ

Russia-Norway deal to open Barents Sea to exploration – FT

Recession lowers cost of EU emissions – FT

Battle over climate change, immigration may split Dems – The Hill

Senate GHG bill heads to EPA for analysis – Argus [And more] Read more

Sheila McNulty

//earthobservatory.nasa.gov/IOTD/view.php?id=43768Senior US administration officials met today with BP’s top leadership – including group chief executive Tony Hayward – to discuss the response to the growing crisis from the oil well leak in the Gulf of Mexico. BP has been pulling out all the stops to contain the leak from the rig that caught fire and sunk last week, but officials said it could be 90 days before it is stopped. A few soundbites from the press conference today with US Coast Guard Rear Admiral Mary Landry:

If we don’t secure the well, this could be one of the most significant spills in US history…The risks are serious….We have not had success in securing the source…We don’t know of another spill this deep…This is quite unique.

Indeed, BP has been spending $6m per day to contain the leak, estimated at about 1,000 barrels per day, as it moves closer to shore. The authorities said it was about 20 miles from the shore on Tuesday. For the next few days, given wind and current patterns, the spill should not hit the shoreline, but the authorities are not sure what will happen after that. And they are clearly getting nervous. The meeting with BP was a signal. But the authorities did not stop there. Read more