UK goes full speed ahead on shale gas fracking.

[Gerry1time]

Well, I never saw this coming so soon - still checking it’s not a spoof! GE sweetener?

Fracking banned in UK as government makes major U-turn

Yep. Bet they'll find new research after the election that says it's OK to continue once again.

 

[stavros]

I read this story on Le Monde's website, and even the French press were quick to point out it was a carrot for northern constituencies the Tories are aiming at.

 

[Favelado]

At least the water will taste nice again in Blackpool.

 

[yield]

U.S. banks prepare to seize energy assets as shale boom goes bust
April 9, 2020

NEW YORK (Reuters) - Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters.

JPMorgan Chase & Co, Wells Fargo & Co, Bank of America Corp and Citigroup Inc are each in the process of setting up independent companies to own oil and gas assets, said three people who were not authorized to discuss the matter publicly. The banks are also looking to hire executives with relevant expertise to manage them, the sources said.

The banks did not provide comment in time for publication.

Energy companies are suffering through a plunge in oil prices caused by the coronavirus pandemic and a supply glut, with crude prices down more than 60% this year.

Although oil prices may gain support from a potential agreement Thursday between Saudi Arabia and Russia to cut production, few believe the curtailment can offset a 30% drop in global fuel demand, as the coronavirus has grounded aircraft, reduced vehicle use and curbed economic activity more broadly.

Oil and gas companies working in shale basins from Texas to Wyoming are saddled with debt.

The industry is estimated to owe more than $200 billion to lenders through loans backed by oil and gas reserves. As revenue has plummeted and assets have declined in value, some companies are saying they may be unable to repay.

 

[stavros]

U.S. banks prepare to seize energy assets as shale boom goes bust
April 9, 2020

A cunning time to do it, because this certainly won't make the front pages at the moment.