Price shocks can be negative as well as positive…as a cursory examination of what happened to the oil price in 2014 would show…
Aw here, our green fruit loops will complain about everything. They are demented sociopaths most of them.
I think there are a reasonable number of LNG export terminals along the Gulf Coast already and more are under construction. US prices for bulk gas (not liquified) have dropped over the last 15 years as the market is oversupplied there. There has been an occasional spike on the ‘Henry Hub’ chart but not for long.
Any sniff of a rise and they frack like bejasus and flood the market in short order.
Long term contracts are priced on a henry hub + margin basis. The UK got its first US LNG delivery last month.
Probably lose 40- 50% to leakagaes
If it was leaky sure there would have been no Gasfield in the first place Tommy.
Apropos a more relevant matter…Providence are around half way through their well drilling way off Kerry right now. They should be updating us on what they found in the upper half of that well fairly shortly.
The last time they drilled in that area 4 years back they found very little as the target structure was leaky…IE there was nothing there anymore.
It’s a good plan. The question in is does the company have the gas. RTE reported the company has several wells, but the company’s own website makes no such claim. As a gas consumer I’d want to know a lot more about the plan before allowing 1/3 of my supply be tampered with. Corrib is doing a grand job so far and is set to continue for another 20 years.
Providence shares plummet 46% as water found in key well
Oil explorer will now drill 1,000 metres deeper to Drombeg target
@jmc We are living in the Holocene
Well not really. We should be trying to reduce our CO2 emissions, starting with the least efficient fossil fuels (and discouraging any long-term use of energy inefficient “sustainable” biofuels). The least efficient fossil fuels are peat, then brown coal, then coal, then heavy oil, then oil, then gas. As far as I know, burning coal produces more global CO2 than any other fuel. We burn coal, peat, oil and gas. We are still completely dependent on oil, and it would seem hypocritical (and economically foolish) to ban oil drilling while consuming oil and burning even dirtier fuels.
nd of course, when we try to harness our renewable energy resources, people object. People like An Taisce irishtimes.com/news/environment/an-taisce-denies-being-opposed-to-wind-farms-1.1353139
Yes, reduction in use is important.
It is not about banning oil extraction while we make the necessary changes, it is about banning extraction from any oil field not currently producing.
No oil company is going to spend 3 billion or whatever huge amount it may be equipping themselves to start production on a new field, and then stop extraction from that field at some point in the future until to do so is no longer economically viable.
If we stop them starting on new fields, we know for sure that all of the carbon within those fields will remain there
leave-it-in-the-ground.org/wp-co … nge-v2.pdf
Ireland is now 30 days away either from having an oil industry in future…or a busted flush.
If they again find nothing 1000m down ( the watery upper reservoir was the primary target) then Irish exploration is a dead duck IMO and Providence will likely go to the wall within a year or two.
Serious question. What possessed you to buy Providence shares?
I’ve never paid much attention to Providence but it always seemed, excuse the pun, a pump and dump share vehicle aimed at green jersey investors.
I guess we have given up on oil and gas off the Irish coast when there is nothing of note to debate??
the thread was fucked anyway. Good timing I suppose.
It will be if, or should that be when, the Providence results come back dry!
Fill your boots in the meantime
Providence will have made a profit on this drill even if it’s a duster. It was more than 100% funded by Cairn and Total. So they’ll get to roll the dice a couple more times no matter what happens.
Providence just posted an RNS on the London Stock Exchange. The second target on the Druid/Drombeg drill contains nothing more valuable than water either. Bad news for all the license holders in adjacent blocks too. Providence say their next plan is to drill the Barryroe field in the Celtic Sea themselves in 2018, having miserably failed to farm it out for five years now. I expect their share price will be about 4p when the market opens in 30 minutes time, down 99.5% from their five year high.
Eh. And once the current inter-glacial (the Holocene) is over we are back to…the Pleistocene. Most geological epochs are defined by major changes in the flora/ fauna used to establish stratigraphic series over long periods of times. Which is why the big ones tend to aligned with mass extinctions. Or major reconfigs of major land masses. The Pleistocene started with the current series of glaciations. About 3M. B.P. It will end when the current series of glaciations end. In a couple of million years. Give or take. The Holocene epoch was created to give a name to contemporary geological events. In the last 10K years. Just a matter of tidyness. But we are still in the Pleistocene glaciation event. The Holocene is just the placeholder name for the current inter-glacial interval.
To avoid nit pickers the term Quaternary is also used for both epochs but as all the fun geology happened in the Pleistocene thats the term that is generally used for the most important geological event of the last 20M years. Ice. Lots and lots of ice.
It never went away you know, the Pleistocene.
Not a bad introduction to geology for the masses I’ll give you that.
But things have changed around here JMC, in case you haven’t noticed.
No the Pleistocene is over, no going back. Damn chronology prevents you naming the same thing twice