“A new report by Ceres shows that oil and gas companies are not doing enough to manage offshore drilling risks and disclose their efforts to investors.” (Source: Forbes)
Forbes is one of the few media paying attention to this interesting new report on offshore and Arctic drilling for oil and gas.
Extract from this must-read article:
“A new report by Ceres shows that oil and gas companies—Shell included—are not doing enough to manage offshore drilling risks and disclose their efforts to investors. The report, Sustainable Extraction?, examines risk disclosure in SEC filings submitted in the first quarter of 2011 by 10 of the world’s largest oil and gas companies. It finds that out of 50 deepwater risk disclosure scores on key metrics including spill response procedures and drilling risk management, only four scores were good, and 29 (nearly 60 percent) were poor or no disclosure.
This striking lack of disclosure makes it nearly impossible for investors to understand how companies are managing the range of potential drilling risks. And investors are already wary.
Lloyd’s, the world’s largest insurance market, cautions that “the Arctic is a frontier unlike any other” that will “remain a complex risk environment.” In its Arctic Opening report, Lloyd’s highlights geographic remoteness, ongoing changes to the environment as a result of climate change and extreme weather as key risk factors of offshore drilling in the Arctic.”
Fool me twice, shame on me: The oil industry repackages the fake abundance story (from the late 1990s)
"Only the oil industry would now have the audacity once again to peddle a story that it has gotten wrong for more than a decade as if it were brand new. Enlisting the media and its army of paid consultants, the industry is once again telling the public that oil abundance is at hand. And, what is doubly audacious is that it is promoting this tale as oil prices hover at levels more than eight times the 1999 low. Clearly, the industry is counting on collective amnesia to shield it from ridicule." ( Source: Resource Insights blog )
Good analysis by Kurt Cobb on how the pusher (the oil industry) is keeping the junkie (the economy) hooked on his stuff by offering dreams and fantasies. And how the media are working for the pusher.
"Here, then, is the energy surprise of the twenty-first century: with operating conditions growing increasingly difficult in the global South, the major firms are now flocking back to North America. To exploit previously neglected reserves on this continent, however, Big Oil will have to overcome a host of regulatory and environmental obstacles. It will, in other words, have to use its version of deep-pocket persuasion to convert the United States into the functional equivalent of a Third World petro-state." (Source: Energy Bulletin).
Brilliant and provocative analysis by Michael Klare about the new extreme energy curse of America.
Here is one remarkable quote from this must-read article:
“The formula for making Canada and the U.S. the “Saudi Arabia” of the twenty-first century is grim but relatively simple: environmental protections will have to be eviscerated and those who stand in the way of intensified drilling, from landowners to local environmental protection groups, bulldozed out of the way. Put another way, North America will have to be Third-Worldified.”
“Fossil fuel company executives and D.C. politicians have long worked together to ensure coal and oil prices stay low enough to keep Americans hooked. Here’s how we can break the addiction.” (Source: Treehugger.com)
Brilliant must-read article on the links between the oil industry and political elites and the effects of this unholy nexus.
Here are just two interesting quotes from this article. Please read the full article and be shocked:
“We need an ‘Arab Spring for the Environment’”
“Americans are paying through the nose on their tax returns and health bills to help Big Oil and the political elite maintain the illusion that cheap, dirty energy is a bargain. But enough is enough, and time is of the essence. We’re paying for wars, pollution and handouts to massive multinationals—instead of allowing the free market to reward the innovators and industries that will lead us to energy security. To stop the vicious cycle, we must unravel and reset the rigged market for oil and coal, revealing their true costs once and for all. We must loose the nation from the stranglehold of its aging, fossil-fueled energy regime.”
“What’s particularly baffling is that while government support given to environmentally beneficial renewable power sources is subject to seemingly endless media and political scrutiny, the 500% larger subsidies given to oil, gas and (to a much lesser extent) coal rarely get much attention.” (Source: Datablog The Guardian)
Another great article on governmental subsidies for the fossil fuel industry.
“Companies are going to need to develop mechanisms to ensure products can be traced and sourced with sustainability in mind”, says a new Report by SustainAbility (Source: The Guardian)
Great idea but I am sure there will be a lot of lobbying and "no can do" arguments from the fossil fuel industry against such concepts.
"After a decade marked by fears of declining resources, oil majors have substantially increased their exploration efforts – with increasingly impressive results." (source: Rigzone News).
Is this for real or wishful thinking? And how many extra days/months/years do these new great finds represent?
”Cheap natural gas from ‘fracking’ shale rock and other unconventional fossil fuels are making life tough for cleantech. Read this blog post by Martin LaMonica on Green Tech.”
When everyone was expecting the nuclear renaissance or the renewable revolution, here is the return of the fossil-fuel king. One ring to rule them all!
- Climate change: Does UK set the gold standard of climate policies? See for yourself: Ed Miliband’s plan. Read also George Monbiot’s blog reaction.
- EU Commission uses MTV to convince youth of tackling climate change. Look at the MTV website. Will MTV tell the MTV generation that the party is over and that the times of exuberance are past?
- Resource constraints: China seeks leverage on ore prices (Wall Street Journal 15.07)
- Climate change: Another EU president who denies climate change? (Buzek) see EUObserver
- Climate change: Fighting climate change with patents (Wall Street Journal 15.07). For another view see EurActiv
- Sustainable production: Backers don’t buy environment-friendly palm oil (Wall Street Journal 15.07)
- Exxon invests in biofuels (algaeà (FT). See also Earth2Tech (Heavy hitters in algae fuel deals) and Science News (Algae: biofuel of the future?)