• Show Icons

Is This The USA Shale Fail All Over Again?

 

biff

In 2012 alone, Southwest Energy wrote down reserves of Fayetteville from 5 to 3 trillion cubic feet (tcf); Chesapeake Energy wrote down Haynesville and Barnett proven reserves by 4.6 tcf (erasing 20% of its proven reserves); EnCana wrote off $1.7 billion in shale gas assets; British Petroleum wrote off $2.1 billion due to failed investments in Fayetteville and Woodford shales; and BHP Billiton wrote off $2.84 billion in shale assets.

In 2013 Shell wrote down $2 billion.

In 2014 BP wrote off $500.

According to the ‘Oil and Gas Journal’ since the beginning of the shale boom in the USA, total asset write-downs by the largest shale players are approaching $35 billion.

http://www.telegraph.co.uk/finance/comment/citydiary/10926256/City-Diary-Cuadrilla-needs-deeper-pockets-for-Hungarian-fracking-venture.html

http://www.theguardian.com/environment/earth-insight/2014/jun/10/inevitable-demise-fossil-fuel-empire

 
Avatar of Obi_Live

About Obi_Live

Occupier at OccupyLSX Camp. Then an Occupy Nomad. The revolution will be Livestreamed.

© 2012 Occupy London
Powered By DynamiX