US: Oil price is finishing many fracking projects
Not long after Saudi Arabia’s oil minister addressed US shale country, two major frackers announced they would cease drilling in the Bakken, leaving many uncompleted wells, reports Bloomberg.
Just the other week Energydesk covered the prospect of hazardous orphaned shale wells across the US.
Shell is also reassessing the state of the industry, folding its shale unit and sacking its director, reports Reuters.
Chesapeake, the second largest oil producer in the US, has announced spending cuts of up 70% following a $15bn loss in 2015, while Weir Group, an industrial engineering company that works in fracking, will enact sweeping cuts and layoffs.
The bankruptcy crisis looming over the sector even threatens to take down the $500bn US oil and gas pipeline industry, with Reuters reporting on two decisive court cases.
Despite cuts in production, the US is currently sitting on its largest oil stockpiles since 1930, reports Bloomberg, though the first batch of shale is being exported right now -it’s going from Louisiana to Brazil.
Meanwhile EPA chief Gina McCarthy has said methane emissions from the US energy industry have been underestimated, reports Reuters.
Finance: Bad energy loans cost big banks big time
Major banks are now anticipating blowback from the collapse of the energy industry, setting aside billions for potential losses, writes the Wall Street Journal.
Bloomberg reports on the soaring, souring energy loans held by Wells Fargo.
And the FT gives an overview of the financial woes facing the Royal Bank of Canada on account of low energy prices.
UK: Heathrow 13 spared jail
The protestors who disrupted flights at Heathrow to highlight air pollution deaths and the threat of climate change will not being going to jail, reports The Guardian.
The ‘Heathrow 13′ were all given suspended sentences.
Meanwhile a huge £2.5bn wind farm off the coast of Suffolk has been given the greenlight, reports the BBC.
On a sad note, it is thought that the 3 people missing following the Didcot power station explosion are dead, reports The Telegraph.
In other news
Japan: On the 5 year anniversary of the Fukushima tragedy, the operator of the nuclear plant has admitted it should have acted sooner, reports CNN.
China: Country’s climate envoy says it will easily surpass its 2020 target, reports Climate Home.
India: The World Trade Organisation has ruled against Modi’s solar initiative, reports Huffington Post.