STOP: Stop Tar Sands Operations Permanently

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Posts Tagged ‘shell’

Tar Sands – the new toxic investment

Posted by mhudema on September 17, 2008

Environment: Tar sands – the new toxic investment

Report warns against oil industry’s equivalent of the sub-prime mortgage crisis

Shell and BP have been warned by investors that their involvement in unconventional energy production such as Canada’s oil sands could turn out to be the industry’s equivalent of the sub-prime lending that poisoned the banking sector and triggered the current financial crisis.

The criticism came as a report was released yesterday warning of the potential financial risks of tar sands, and members of the UK Social Investment Forum met in London to consider a Co-op Investments campaign on halting oil industry involvement in the carbon-intensive oil projects.

The report, BP and Shell, Rising Risks in Tar Sands Investment, co-authored by Greenpeace and fellow campaign group Platform, argues that oil majors are trying to make up a shortfall in conventional reserves by an irresponsible dash to extract oil from bitumen and other sources.

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Dirty Oil could Bake the Planet

Posted by mhudema on July 31, 2008

‘Unconventional oil not sustainable’

listen

A report on extracting oil from oil sands and oil shale says the methods are environmentally and economically unsustainable and will undermine efforts to combat global warming because of the increased levels of atmospheric CO2 that is produced during production.

According to the World Wildlife Fund and Manchester-based Co-operative Financial Services, oil companies are increasingly looking to exploit new oil sources, previously deemed uncommercial, to meet world demand.

However, the extraction of oil from oil sands and oil shale creates up to eight times as many emissions as conventional oil production does. It also involves three times as much water to produce a barrel of oil and involves forest clearance.

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Shell’s Profits Soar

Posted by mhudema on July 31, 2008

Shell reports $11.6 billion profit despite output dip
Bloomberg News
July 31, 2008, 7:35AM

Royal Dutch Shell said second-quarter profit climbed 33 percent on
record oil prices and pledged to increase investment spending to revive
production growth.

Net income rose to $11.56 billion, or $1.87 a share, from $8.67 billion,
or $1.38, a year earlier, The Hague-based company said today. Excluding
gains or losses from holding inventories and one-time items, profit was
$7.83 billion, which didn’t include additional fair value adjustments of
$750 million. The median estimate of 11 analysts surveyed by Bloomberg
was for profit of $8.3 billion.

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Tar Sands Risk Climate Catastrophe

Posted by mhudema on July 30, 2008

New sources of fossil fuel ‘risk climate catastrophe’

Russian oil plant

An oil plant: oil giants plan to explore more ‘unconventional’ sources

Oil giants including Shell and BP plan to extract fossil fuels from new sources that could trigger catastrophic climate change, a report warns today.

Pumping out tar sands and oil shale from reserves in the US and Canada is becoming increasingly attractive as oil prices soar, researchers say.

But refining the material is eight times more polluting than processing conventional oil, according to a report by WWF and Co-operative Financial Services.

Nonetheless, Shell and BP are planning to invest £62billion in ‘unconventional’ fuels by 2015, warns the study.

‘Unconventional fuel sources may seem attractive in the short term but ultimately the environmental and economic costs are unthinkable,’ said James Leaton of WWF-UK.

If the estimated 1.1trillion barrels of recoverable fuel in Canada and the US were extracted, it would release 980billion tonnes of carbon dioxide, it is claimed. This could push atmospheric CO2 levels well past the point believed to trigger dangerous climate change and mass extinction of species.

Mining tar sands – a mix of oil, water, sand and clay – will also damage substantial areas of Canadian forest which act as carbon sinks.

WWF and the Co-op are calling for a global halt to licensing the fuels and legislation to stop them being sold here.

But a BP spokesman said: ‘Oil sands represent a significant untapped resource from a politically stable country.’

And a spokeswoman for Shell said: ‘Supplies of “easy oil” cannot keep up with the demand growth.

‘Society has little choice but to add other sources of energy, including “unconventional” fossil fuels like oil sands.’

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Stop the Tar Sands

Posted by mhudema on July 30, 2008

Oil: Campaigners seek an end to production of CO2-intensive ‘unconventional fuels’

· Ethical investment groups try to halt tar sand projects
· Oil firms to spend $125bn to exploit new sources

Shell, BP and other oil companies at the centre of the tar sands revolution in Canada are facing a backlash from the Co-operative and other members of the ethical investment community determined to bring a halt to these operations for environmental reasons.

A joint report from Co-operative Investments and the wildlife charity WWF released today will be followed up in September by a meeting of the UK Social Investment Forum (UKSIF) to press for an end to this carbon-intensive activity.

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Video: Toxic Tar Sands

Posted by mhudema on July 12, 2008

Video: John Vidal asks the oil firms tough questions on their plans for exploiting Canada’s tar sands
What happens when the world’s biggest oil companies target a northern wilderness? John Vidal heads to Canada to ask some tough questions of the oil industry and its intentions in northern Alberta

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Rising Costs May Mean Second Upgrader Falls

Posted by mhudema on July 11, 2008

Rising costs present challenge to second refinery in Saint John

Published Thursday July 10th, 2008

Shell Canada’s decision to scrap plans for a new multi-billion oil refinery in Ontario sheds some light on the challenges facing a second oil refinery in Saint John.

Energy Minister Jack Keir said Shell’s decision shows there are obstacles to Irving Oil and BP’s proposed 300,000 barrel-per-day refinery project in the Port City.

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Big Oil Comes Back to Iraq

Posted by mhudema on July 8, 2008

Big Oil poised to make triumphant return to Iraq

“Anyone who thinks the invasion of Iraq accomplished nothing probably isn’t sitting inside the boardrooms of some of the most powerful companies on Earth.”

Toronto Star July 5, 2008 // Linda McQuaig
Big Oil poised to make triumphant return to Iraq
Small service contracts announced last week are a step toward major development deals

When Big Oil excutives and U.S. Vice-President Dick Cheney met for secret energy talks in the spring of 2001, one subject that weighed on all their minds was the potential loss of Iraq’s bountiful oil reserves. After more than a decade of hostile U.S.-Iraqi relations, Iraqi dictator Saddam Hussein had negotiated deals with oil companies from a range of countries, including Russia, China and India, to develop Iraq’s largely undeveloped reserves. That meant U.S. oil companies were to be denied a stake in developing one of the last oil bonanzas left on Earth. It also meant that the U.S. risked being denied access to this vast new source of petroleum the commodity it considers essential to its continued status as an economic and military superpower. So it wasn’t surprising that Cheney’s energy task force set up with urgency within weeks of the Bush administration taking office took great interest in a document called “Foreign Suitors for Iraqi Oilfield Contracts.” The document (eventually made public after a lengthy court battle with the Bush administration) included a detailed breakdown of Iraq’s 97 oil fields, listing in each case the foreign company that was negotiating a development contract with Saddam, and the status of those negotiations. But, according to the narrative presented by the White House and rarely challenged by the media, none of this mattered to Washington’s strategic planners: the fact that Iraq’s vast oil reserves were about to slip into the hands of America’s rivals and Big Oil’s competitors allegedly played no role in the administration’s decision to overthrow Saddam two years later.

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Shell ‘selling Suicide’ by preferring Tar Sands to wind

Posted by mhudema on May 22, 2008

Shell ‘selling suicide’ by preferring tar sands to wind

Shell was accused yesterday of “selling suicide on the forecourt” by pressing ahead with tar sands operations in Canada and continuing to flare off excess gas in Nigeria while pulling out of renewable schemes such as the London Array – the world’s largest offshore wind scheme.

The accusation that Shell was irresponsibly adding to climate change was made by an unnamed shareholder at its annual meeting in The Hague after Shell chief executive Jeroen van der Veer insisted the company was doing all it could to meet rising demands for energy while reducing CO2 emissions. Shell would listen to all stakeholders but he warned “ultimately it will not be possible to meet fully everyone’s expectations”.

Linda Cook, Shell’s executive director of gas and power, defended the decision to put its stake in the London Array up for sale. The economics did not meet the group’s “hurdles rate”, she said. In terms of unit costs it was “two and a half times cheaper to build onshore projects in the US” than to pursue the scheme off the Kent coast, she explained, insisting Shell remained committed to renewables.

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