The announcement on the 6th November that ExxonMobil are to be investigated by the New York state attorney-general for misleading the public and investors regarding climate change risks, marks the start of a new chapter in the need for oil and gas companies to face up to the reality of climate change.
In all the debate and discussion about the possibilities for shale gas in the UK and in wider Europe, there has been little rational discussion about the practical implications of large scale development of shale gas. In this article we seek to debunk a few myths, and point out some as yet undebated realities.
The UK is in a strong position with respect to the potential for permanent sequestration of CO2 offshore in rock formations deep below the North Sea. This is because of two factors. Firstly the correct type of rock formations exist in places below the North Sea with the porosity to provide capacity for the CO2, permeability to allow its injection, and sealing formations to contain the CO2.
The Wood Review, published in February and aimed at identifying ways to stimulate North Sea oil and gas activity, proposes the creation of a new arm’s length industry regulator or agency to take on a broad industry facilitation role. When one looks at the roles proposed for this new agency, one could be excused for having a sense of ‘déjà vu’.
Electricity Market Reform (EMR) constitutes the single biggest change in the UK electricity market in a generation. EMR is intended to provide the commercial basis for generations of low-carbon electricity at the lowest possible cost, whilst being neutral to the energy source used.