Category Archives: Shale Gas

BNP to Halt Shale Oil Financing, Expand Funds for Renewables

Bloomberg, 11 October, 2017

BNP Paribas SA pledged to stop financing shale and oil sands projects, expanding earlier commitments in support of global efforts to tackle climate change.

France’s largest bank will no longer do business with companies whose main activity stems from oil and natural gas obtained from shale or oil sands, it said in a statement Wednesday. The policy covers companies involved in activities ranging from exploration to marketing and trading. The company also won’t fund oil or gas projects in the Arctic region.

BNP Paribas said it’s committed to bringing its financing and investment activities in line with international efforts to keep global warming below 2 degrees Celsius by the end of the century. Achieving that goal relies on reducing the world’s dependence on fossil fuels,  starting with energy from shale and oil sands, the bank said…

Once a global leader in oil financing, BNP has withdrawn from funding coal mines and coal-fired power plants in recent years, along with other big European banks including Societe Generale SA, HSBC Holdings Plc and Credit Agricole SA. Energy excluding electricity represented 4 percent of BNP’s total lending commitments, down from 6 percent in mid-2015, according to its filings.

“Our role is to help drive the energy transition,” Chief Executive Officer Jean-Laurent Bonnafe said in the statement. “We’re a long-standing partner to the energy sector and we’re determined to support the transition to a more sustainable world.”

Here is the full article

 

California Halts Injection of Fracking Waste, Warning it May Be Contaminating Aquifers

ProPublica, 18 July, 2014.

California officials have ordered an emergency shut-down of 11 oil and gas waste injection sites and a review more than 100 others in the state’s drought-wracked Central Valley out of fear that companies may have been pumping fracking fluids and other toxic waste into drinking water aquifers there…

(EGI-SA Ed. note: Not very sensible of them).

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Wastewater Injection Caused Oklahoma Earthquakes

Scientific American, 3 July, 2014.

A new study attributes the recent surge of quakes in central Oklahoma to the injection of wastewater at a handful of high-rate wells across the state.

More than 230 earthquakes with a magnitude greater than 3.0 have shaken the state of Oklahoma already this year. Before 2008 the state averaged one such quake a year. The surge in seismic activity has left residents and experts alike wondering about the underlying cause.

A study published today in Science explains how wastewater injection sites—areas where toxic water left over from oil drilling and fracking processes is injected into the ground between impermeable layers of rocks to avoid polluting freshwater—could be driving the sharp increase in the sometimes-disastrous earthquake events. “It really is unprecedented to have this many earthquakes over a broad region like this,” says study co-author Geoffrey Abers of Cornell University. “Most big sequences of earthquakes that we see are either a main shock and a lot of aftershocks or it might be right at the middle of a volcano in a volcanic system or geothermal system. So you might see little swarms but nothing really this distributed and this persistent.”

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