News That Matters

Tag: Shale

Fracking: UK shale reserves may be smaller than previously estimated

Fracking: UK shale reserves may be smaller than previously estimated

Science
Previous projections of the potential amount of shale gas under the UK may have been significantly overestimated, according to a new study.Instead of 50 years of gas at the current rate of consumption, this new research suggests there are just 5-7 years' supply. But the UK's fracking industry, which represents companies like Cuadrilla, dismissed the report. The said the sample size was too small to draw serious conclusions.The recovery of shale gas through hydraulic fracturing or fracking has been a slow moving and controversial affair in the UK over the past decade. Attempts by oil and gas companies to drill wells and extract gas have been held up by planning issues, concerns about earth tremors and public displays of disaffecti...
New cash will fund Canadian shale operations

New cash will fund Canadian shale operations

Business
Aug. 17 (UPI) -- Australian energy company Calima said Friday that investment interest was strong enough to support a robust drilling campaign in a Canadian shale basin. In an emailed statement, the company said it was oversubscribed in a share placement, taking in $ 18.1 million (USD) that it would use to fund operations in the Montney shale basin in western Canada. "Proceeds from the placement will be used by Calima to drill and test three wells on the Calima lands within the Montney," Alan Stein, the managing director for Calima Energy, said. The company said it's uncovered more than 500 drilling sites near its acreage that revealed promise for a hydraulic fracturing campaign in the Montney shale basin in British Columbia. Advances in horizontal drilling and hydraulic fracturing, or f...
Qatar taps into giant Argentinean shale reserve

Qatar taps into giant Argentinean shale reserve

Business
June 4 (UPI) -- Buying an equity stake in the Vaca Muerta shale natural gas basin in Argentina marks a debut in unconventional resources, Qatar Petroleum announced. The state-owned petroleum company in Qatar said it reached an agreement with U.S. supermajor Exxon Mobil to take a 30 percent stake in its operations in Argentina. The arrangement gives Qatar Petroleum access to the Vaca Muerta shale basin, located onshore in the Neuquén basin in Argentina. "This is an important milestone, as it marks Qatar Petroleum's first investment in Argentina as well as its first significant international investment in unconventional oil and gas resources," Saad Sherida al-Kaabi, the company's president and CEO, said in a statement Sunday. Vaca Muerta is considered one of the best shale basins in...
Fracking: Shale rock professor says UK gas reserves 'hyped'

Fracking: Shale rock professor says UK gas reserves 'hyped'

Science
The gas reserves in shale rocks in the UK have been "hyped", an academic said. Professor John Underhill from Heriot-Watt University said the UK's potential shale deposits were likely to have been disrupted by shifts in the earth 55 million years ago.He said the government would be wise to formulate a Plan B to fracking for future gas supplies.But the fracking firm Cuadrilla said it would determine how much gas was present from its test drilling.Hydraulic fracturing, or fracking, is a technique designed to recover gas and oil from shale, a sedimentary rock found worldwide.The amount of shale gas available in the UK is acknowledged to be a great unknown.Cuadrilla said estimates from the British Geological Survey (BGS) indicated a large potential gas reserve.What is fracking and why is it con...