The National Trust is facing a legal challenge after forcing a fracking company to divert around its land when surveying for shale gas. Ineos Shale is beginning seismic testing for gas this week across 250 square km of the east Midlands. It wanted to use sound waves to survey the rock deep below Clumber Park, the 3,800-acre former country estate of the dukes of Newcastle, which the trust purchased in 1945. The trust opposes fracking and refused to allow Ineos to carry out the tests, prompting the company to threaten to use legal powers under the Mines Act 1966 to require the charity to grant access. Ineos will also refuse to give the trust a share of the 6 per cent of total revenues it has pledged to landowners and communities that have shale gas extracted from under their land. Th e trust has declined to meet Ineos, which has government licences to explore for gas and oil under 1.2 million acres of England, double the area of the next biggest fracking company. The trust owns 612,000 acres, making it the biggest landowner after the Forestry Commission and Crown Estate.
Times 13th June 2017 read more »
Slowing demand for oil and forecasts of rapid growth in green power pose risk to core business, says analyst. More than a fifth of investment by the largest oil and gas companies could be in wind and solar power in just over a decade, according to analysis of how global changes in energy will reshape the sector. Slowing demand for oil and forecasts of rapid growth in renewables posed both a threat and and opportunity BP, Shell and Total among others cannot ignore, said research group Wood Mackenzie. Wood Mackenzie said returns for renewables were about half those of oil and gas production, but the long-life of cashflow from assets such as windfarms could help firms support their dividends. The analysts warned that companies that delayed diversification could risk finding themselves left behind – “at a structural disadvantage” – if wind and solar grow even more rapidly than expected. Revenues from oil and gas are 33 times the level of renewables, but expected to narrow to 13 times by 2035.
Guardian 12th June 2017 read more »