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On the Blogs: Fracking has been a ‘disaster’ for investors, former industry executive says

first_img FacebookTwitterLinkedInEmailPrint分享DeSmogBlog.com:Steve Schlotterbeck, who led drilling company EQT as it expanded to become the nation’s largest producer of natural gas in 2017, arrived at a petrochemical industry conference in Pittsburgh Friday morning with a blunt message about shale gas drilling and fracking.“The shale gas revolution has frankly been an unmitigated disaster for any buy-and-hold investor in the shale gas industry with very few limited exceptions,” Schlotterbeck, who left the helm of EQT last year, continued. “In fact, I’m not aware of another case of a disruptive technological change that has done so much harm to the industry that created the change.“While hundreds of billions of dollars of benefits have accrued to hundreds of millions of people, the amount of shareholder value destruction registers in the hundreds of billions of dollars,” he said. “The industry is self-destructive.”Schlotterbeck is not the first industry insider to ring alarm bells about the shale industry’s record of producing vast amounts of gas while burning through far more cash than it can earn by selling that gas. And drillers’ own numbers speak for themselves. Reported spending outweighed income for a group of 29 large public shale gas companies by $6.7 billion in 2018, bringing the group’s 2010 to 2018 cash flow to a total of negative $181 billion, according to a March 2019 report by the Institute for Energy Economics and Financial Analysis.But Schlotterbeck’s remarks, delivered to petrochemical and gas industry executives at the David L. Lawrence Convention Center in Pittsburgh, come from an individual uniquely positioned to understand how major Marcellus drillers make financial decisions — because he so recently ran a major shale gas drilling firm. Schlotterbeck now serves as a member of the board of directors at the Energy Innovation Center Institute, a nonprofit that offers energy industry training programs.His warnings on Friday were also offered in unusually stark terms. “The technological advancements developed by the industry have been the weapon of its own suicide,” Schlotterbeck added, referring to the financial impacts of shale gas drilling on shale gas drillers. “And unfortunately, the industry still has not fully realized how it’s killing itself. Since 2015, there’s been 172 E&P company bankruptcies involving nearly a hundred billion dollars of debt.”More: Former shale gas CEO says fracking revolution has been ‘a disaster’ for drillers, investors On the Blogs: Fracking has been a ‘disaster’ for investors, former industry executive sayslast_img read more

FIFA Pleased with Facilities in Edo, Delta, as Obaseki, Okowa Reiterate…

first_imgFIFA Officials inspecting the Samuel Ogbemudia Stadium in Benin City on Tuesday evening U-20 WOMEN’S WORLD CUPAdibe Emenyonu in Benin City and Omon-Julius Onabu in AsabaThe FIFA inspection team, which arrived in Nigeria on Monday on an inspection tour of facilities for the hosting of the 2020 edition of the FIFA U-20 Women’s World Cup, has expressed satisfaction at the state of facilities in Benin City and Asaba.Nigeria is bidding to host the tournament alongside India and South Korea. India however is out of contention as they were handed hosting rights to the 2020 edition of the U-17 Women’s World Cup. Nigeria last hosted a FIFA tournament ten years ago when the country hosted the cadet U-17 World Cup for boys. The FIFA inspection team, which included Christopher Exley, Sara Jane Booth, Kliment Taseki, Rhiannon Ceirwen Martin and Heyral Kaj Jurgen, were conducted round facilities in Benin City and Asaba on Tuesday.They were joined on the tour by Nigeria’s bid Coordinator, Malam Mainasara Ilo and officials of the Nigeria Football Federation (NFF), including its President, Amaju Pinnick, Aisha Falode, head of the Women’s Football League, and Ruth David, head of Women’s football at the federation.The FIFA and NFF officials were conducted round facilities, which included the Samuel Ogbemudia Stadium, practice pitches at Western Boys High School, one of the mini stadia the government is building for the event, and the Protea Hotel by Edo State Sports Commission Chairman, Godwin Dudu-Orumen and other officials of the Commission.The FIFA team later paid a courtesy visit to the Governor of Edo State, Mr. Godwin Obaseki, who assured them that the state was not only willing to host the matches of the tournament but was more than capable of doing so.Obaseki who said the revamp of the Samuel Ogbemudia stadium which is near completion would host various local and international sporting events, also noted that the state is building 20 mini-stadia across the state to boost sporting activitiesAccording to him, “We take sports seriously in the state because 72 per cent of our population are under 30 years of age. We are building 20 mini-stadia across the state and four of the stadia can be used as practice fields”.The governor added that the fibre optic cables being laid across Benin City metropolis would provide the infrastructure to broadcast matches, adding that the Benin Specialist Hospital would provide the needed medical services.In Asaba, Delta Governor, Dr Ifeanyi Okowa, assured FIFA officials that they do not need to worry about venue for the tournament as the Stephen Keshi Stadium Asaba will serve as an excellent venue.Okowa expressed readiness of the state government to provide any further improvement in the facility as might be necessary to make the stadium the best venue for the competition.He observed that several international sport events like the 21st Africa Senior Athletics Competition as well as the Super Eagles matches with Seychelles and Egypt, were among major events that had been hosted at the Keshi Stadium without hitches, stressing that hosting the Under-20 Women’s World Cup would be a great event that would be welcomed by football enthusiasts in Delta State.Okowa said, “I am glad that you are here to inspect sporting facilities in our state. As a government, we have continued to do the best we can to develop sporting facilities and we have done very well in that area.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more