Shale Gas and Fracking
Chesapeake Energy and its CEO, Aubrey McClendon, have been the public face of the U.S. shale-gas revolution, which is as celebrated for its role in transforming energy geopolitics as it is feared for the potential environmental impacts of its key technology -- hydraulic fracturing, or 'fracking.' Now, allegations of scandal at Chesapeake, the nation's second-largest gas producer, draw new scrutiny to an industry leader.
Bloomberg BNA — Research on the local impacts of shale gas development finds a host of positive and negative impacts, with the long-term consequences still to be determined, according to scholars reviewing different aspects of the activity.
The Ohio Natural Resources Department said it’s changing permit conditions for drilling near faults in response to recent earthquakes near Youngstown that show a “probable connection” to hydraulic fracturing.
Exxon Mobil Corp., a lightning rod for environmental activists since the Valdez oil spill a quarter-century ago, is appeasing some of its harshest critics by agreeing to disclose internal risk and cost assessments.
Chesapeake Energy Corp., the second-largest U.S. gas producer, sold a record $3 billion bond offering in two parts to refinance debt, as the cost to protect its obligations against default approaches a six-year low.
Bloomberg BNA — The Senate Committee on Natural Resources and Water Quality advanced measures April 8 seeking to impose a moratorium on hydraulic fracturing activities at oil and gas fields in California and to update the state's oil spill response program to address the risks of importing crude oil by rail.
Chevron Corp., the world’s third- largest oil company, signed an accord with Argentina’s YPF SA to invest $1.6 billion this year in shale development and become the country’s largest foreign producer of shale oil and natural gas.
Infraestructura Energetica Nova SAB, the Mexican unit of Sempra Energy, has doubled since the company went public last year. Credit Suisse says the stock remains cheap with the company poised to supply pipelines as the country’s energy industry opens to foreign investment.
Vladimir Putin is more likely to sign a 30-year deal to supply pipeline gas to China next month after more than a decade of false starts because the crisis in Ukraine is forcing Russia to look for markets outside Europe.
South Africa will make sure its population benefits when it develops its shale gas and offshore oil industries and won’t repeat the errors it made with mining, said Zweli Mkhize, treasurer of the ruling party.
Billionaire environmentalist Tom Steyer is lobbying for a new law in California that would force energy companies to share as much as $2 billion of the state’s oil wealth with residents.
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